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NEW YORK (
TheStreet) -- Shares of
Vical(VICL - Get Report) tumbled in late trades on Thursday after the San Diego-based biotech announced plans for a dilutive stock offering.
The company didn't specify how many shares it expects to sell or at what price. The offering is being made under shelf registration statements filed in May 2009 and January 2010 that have subsequently been declared effective by the Securities and Exchange Commission. In its regulatory filing related to the offering, Vical said it plans to use the proceeds of the sale for general corporate purposes.
The stock was last quoted at $3.78, down 11.7%, on volume of nearly 110,000, according to
Nasdaq.com. Based on Thursday's regular session close at $4.28, the shares have doubled in the past year, although the peak of $5.30 came back in late July 2011.
Vical develops products based upon patented DNA-delivery technology. Its pipeline includes Allovectin, a proposed melanoma treatement in phase III trials; and TransVax, which is for use by hematopoietic stem cell transplant recipients.
RF Micro Devices
RF Micro Devices(RFMD) were
walloped in the extended session after the Greensboro, N.C.-based radio frequency semiconductor maker warned of a revenue shortfall.
The company now sees revenue of $225 million for its fiscal third quarter ended in December, 10% below the current average estimate of analysts polled by
Thomson Reuters for revenue of $250.2 million.
The stock was last quoted at $4.91, down 12.3%, on volume of nearly 650,000, according to
Nasdaq.com. RF Micro shares were already down 30% in the past year, but Wall Street was still modestly bullish ahead of this news with 11 of the 18 analysts covering the stock at either strong buy (4) or buy (7).
The company attributed the shortfall to weaker than expected sales of 2G components to China-based customers for entry-level handsets, and broad weakness in the end markets for its Multi-Market Products Group.
RF Micro added that it anticipates a sequential decline of 9 percentage points in its gross margin for the December quarter because of "lower revenue, lower factory utilization, and inventory reserves." The company's gross margin came in at 39.1% in its fiscal second quarter ended in September, and analysts are expecting a similar performance in the third quarter, according to