
Citigroup, Geron: After-Hours Trading
NEW YORK (
) --
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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