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Only one deal is on the lockup table for the next two weeks: Select Medical (SLMC) , a Pennsylvania-based company whose stock price has suffered in recent months.

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On April 4, Select Medical, which operates specialty acute-care hospitals, priced 9 million shares at $9.50, just below the $10 to $11 price range. The stock traded up 6.58% on its first day of trading, and it closed Thursday at $13.07, still significantly higher than the IPO. Nevertheless, it's in the hot seat right now.

The Slide of Select Medical
Shares have been suffering since August

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Since Aug. 28, Select Medical's stock price has been on a downward slide. No, let me rephrase that -- the stock has been toppling off little cliffs since then. One thing's for certain: The past two months have been ugly for Select Medical, and a pending lockup expiration doesn't help. Although officers and directors, who are typically associated with longer-term investment goals, make up the majority of Select Medical's shareholders, they may find this a good time to sell while they still have a healthy profit. Look at it this way: When a stock price falls that much in two months, insiders have to be a little bit worried about how low it can go.

Here's the list for this week:

Michael Falbo is an analyst for, a Boulder, Colo.-based research boutique (now a wholly-owned subsidiary of specializing in the analysis of equity syndicate offerings. This column is not meant as investment advice; it is instead meant to provide insight into the methods of new and secondary offerings. Neither Falbo nor his firm has entered indications of interest in any of the companies discussed in this column. This Week in IPOs column appears Sundays, This Week's Secondaries appears Tuesdays, Upcoming Lockup Expirations appears Wednesdays and The Quiet Period appears on Fridays. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Falbo appreciates your feedback at