Stock offerings and upgrades moved several health stocks on Friday, while overall, indices were flat.
climbed $1.21, or 8.3%, to $15.72 after the company announced an agreement with certain institutional investors to sell 3.7 million shares of common stock at $14.50 each. It will use the expected net proceeds of $49.8 million for general corporate purposes. It expects the offering to close on or before June 13.
was down 2.6% after it priced its common stock offering of 3.7 million shares at $18.50 each. The company said it's selling 3.6 million and certain affiliate stock holders are selling 123,040 shares. Underwriters have a 30-day option to buy an additional 562,500 shares of common stock at the public offering price. It will use the proceeds for a second phase III clinical trial for Fampridine-SR as well as a new-drug application filing for the product, among other things. Shares were down 49 cents at $18.46.
Acorda and Auxilium are part of the Nasdaq biotechnology index, which was up 3.94, or 0.5%, to 812.20.
Other stocks saw upgrades on Friday. First, Deutsche Bank upgraded
( DNA) from hold to buy. The stock was up $1.63, or 2.2%, to $76.51.
Matrix Research upgraded
from buy to strong buy. The stock was up 32 cents, or 0.7%, to $47.41.
Also, Piper Jaffray upgrades
( BSTE) from underperform to market perform. The company announced that the waiting period for its acquisition by Inverness expired without a request for additional information on Thursday. It was up 10 cents, or 0.1%, to $92.15 on Friday.
Additionally on Friday,
reported late-stage trial data the investigative drug Zenvia for pain associated with Diabetes.
The phase III trial covered two dosings of Zenvia for the treatment of diabetic peripheral neuropathic (DPN) pain, a common complication of the disease that can effect sleep and activity. The company said both doses studied met the primary endpoint and the higher dose met four of five secondary endpoints. Furthermore, safety data were consistent with previous studies. Shares were up 3 cents, or 0.9%, to $3.51.