Small-cap stocks were mixed amid the broader market's tumultuous rally Monday, despite a quick rise from
The drugmaker's shares ran up 17% ahead of a presentation on Alzhemed, an investigational treatment for Alzheimer's disease. The Canada-based company said some phase III preliminary data indicate positive primary-endpoint results, and that top-line findings will probably still issue during the second quarter. Neurochem also said that "no predictions or conclusions can yet be made regarding the outcome," but shares still soared to $6.77.
Back Yard Burgers
agreed to sell itself to BBAC, an investment partnership managed by Cherokee Advisors, for $6.50 a share in cash -- a 29% premium to Friday's close. The transaction is valued at $38 million including debt assumption, and it should close in the third quarter. Shares surged 24%, or $1.21, to $6.26.
An analyst upgrade gave a 12% boost to shares of
. WR Hambrecht predicted robust growth for the remote-control maker, and upped the stock to buy from hold, helping push its shares to $35.75. Similarly,
, a Norcross, Ga., packaging-products maker, advanced 2% to $33.40 on a Credit Suisse upgrade to neutral from underperform.
Boston Communications Group
, however, was among the small-cap laggards. The company, which sells management products and services to the wireless-communications industry, saw shares tumble 15% to $1.47 after Friday's post-bell announcement that key customer Amp'd Mobile has filed for bankruptcy. Boston Communications Group warned the news "could have a material adverse effect" on its future results.
slipped 1.3% to $25.30 on word chief legal officer Robert Wrobel will retire. Thomas Spellman will replace him.
More broadly, the Russell 2000 was down fractionally to 835.21 as the S&P SmallCap 600 was up slightly to 432.70.