Citigroup, Geron: After-Hours Trading

Citigroup, Geron Corp., Spectrum Pharmaceuticals and Abiomed were big movers in after-hours action on Monday.
By Michael Baron ,

NEW YORK (

TheStreet

) --

Citigroup

(C) - Get Report

slumped on heavy volume in extended trading on Monday after the U.S. Treasury Department said it's

begun selling the final 2.4 billion shares of its bailout-related stake in the company

.

The Treasury received 7.7 billion common shares in exchange for a $25 billion preferred stock investment made in the fall of 2008. So far, the Treasury has sold 5.3 billion shares in "at-the-market" sales.

The stock was last quoted at $4.35, down 2.3%, on volume of 140.1 million, according to

Nasdaq.com

. Based on a regular session close at $4.45, the shares were up 34.4% so far in 2010.

Geron Corp.

Plans for a dilutive stock sale were weighing on

Geron Corp.

(GERN) - Get Report

in extended trading.

After Monday's closing bell, Menlo Park, Calif.-based drug developer said it plans to sell an as yet undetermined amount of common stock in an underwritten public offering. It added that the deal will include a 30-day over-allotment option for the sale of an additional 15% of the amount of stock sold. The company also disclosed a licensing agreement with

Angiochem

.

The shares were last quoted down almost 7% at $5.70 with volume running to little less than 450,000. Year-to-date, the stock was up about 8% at its regular session close of $6.12.

Spectrum Pharmaceuticals

Shares of

Spectrum Pharmaceuticals

(SPPI) - Get Report

rose in late trades after the Irvine, Calif.-based biotech reported positive clinical data for Zevalin, its proposed treatment for non-Hodgkin's lymphoma.

The company

said the study demonstrated a 35-month progressive-free survival benefit

after a single dose in patients with follicular non-Hodgkin's lymphoma following partial or complete response to first-line chemotherapy.

The stock rose nearly 10% after the bell to $5.95 with nearly 70,000 shares changing hands.

Abiomed

Shares of

Abiomed

(ABMD) - Get Report

dropped almost 14% in after-hours action to $10.50 on volume of a little less than 20,000.

The Danvers, Mass.-based company said late Monday it had

ended a study of its Impella cardiac assist device

because it determined it was unlikely to meet the primary endpoint "due to unanticipated confounding variables related to the use of rotational atherectomy."

Abiomed said its decision followed a recommendation of the Data Safety Monitoring Board. Year-to-date, the stock was up more than 30% based on its regular session close at $12.19.

--

Written by Michael Baron in New York.

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Michael Baron

.

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