Posts tagged ‘JPM’
Stocks in Play
Inovio Biomed (Amex:INO) announced this morning pre market of a $30m registered direct offering (INO) 3.18 : Co announces that it has institutional investors to purchase $30 mln of securities in a registered direct offering. INO expects to receive net proceeds of approximately $28.5 mln.
Shares were on fire yesterday up 300%. What about today? Pre market is trading at 2.80
PIPE REPORT July 21, 2009
PIPE Volume Rose in 2nd Quarter, Compared With First
Posted July 21, 2009 12:00PM PST
The second quarter saw a promising increase in PIPE activity, as U.S.-listed companies raised $12.9 billion, or 63% more capital than they did in the first quarter, according to PrivateRaise, the data service of DealFlow Media. The number of deals rose 32% over the first quarter.
Major players in the PIPE market in the first half of the year included Iroquois Capital and Downsview Capital, the only fund managers to invest in more than 10 offerings; and Rodman & Renshaw, which placed 27 PIPEs, three times the number of placements by Lazard, the second most active placement agent. Investors who brought the most cash to the PIPE market were Berkshire Hathaway, which invested $3 billion in a private placement; Aabar Investments PJSC, with $2.6 billion; and Kuwait Investment Authority, with $1 billion. The companies that raised the most capital included four Dow Chemical, with $4 billion; BlackRock, Inc., with $2.8 billion; Daimler AG, with $2.5 billion; and ArcelorMittal, with $1.7 billion.
Data from the first half shows that PIPE financing activity has not returned to levels prevailing before the credit crunch of late 2008 and fickle securities markets depressed most forms of financing. The first half of 2009 saw a 44% drop in deal volume, compared with the year earlier period, and a 68% decline in total investment.
The third and fourth quarters could bring a further rebound towards last year’s numbers. In addition to increased deal flow, second quarter numbers reflect a growing trend in registered shelf offerings or “registered directs.” Companies raised $967.7 million in 57 registered direct offerings last quarter, compared to $417.9 million in 25 first quarter deals. While registered directs accounted for only about 7% of capital raised in the second quarter, the number of shelf statements filed in anticipation of future raises more than doubled from the same quarter last year. The 250 shelf statements filed in the second quarter of this year could be used to raise as much as $39 billion. As much as $72 billion could be raised from shelf statements filed during the entire first half of the year.
Even at the current level of activity they represent a fraction of the total PIPE market, and are not a viable option for the majority of emerging growth companies that remain ineligible for S-3 registration and must rely on the traditional PIPE market for equity capital.
HGSI Up $7.00 at ther open Trade of the day
Human Genome news on Phase III
Human Genome Sciences (HGSI) anounced that BENLYSTA met the primary endpoint in BLISS-52, the first of two Phase 3 trials. In the placebo-controlled BLISS-52 study, the results showed that BENLYSTA response rate at Week 52, compared with standard of care alone. Study results also showed that belimumab was generally well tolerated, with adverse event rates comparable between belimumab and placebo treatment groups.
Mid Day stocks
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Stocks rebounding.
Stocks are still lower but they’re off their worst levels of the session. Profit taking all day is the main reason.
Each sell off has brought out buyers. The averages have been establishing higher lows with each sell off and subsequent buying, setting up what could be a late day move towards positive territory. The Dow is down 70 to 9,250, the NASDAQ is down 25.50 to 1,985.85, and the S&P is down 6.75 to 998.90.
MOVERS
On2 Technologies (ONT) up 50% after announcing that it will be acquired by Google (GOOG)
Onyxx Pharmaceuticals (ONXX) is down over 14% after announcing concurent offerings of 4M shares of common stock and $200M in convertible senior notes.
INOVIO Biomedical (AMEX:INO) (INO) is still up in the $2.56 up over 25% on 15milion shares.
If you think inflation is coming back go long TBT. I plan to
Unusual options trading activity in Pfizer Inc. (NYSE: PFE).
As of 11:00 AM EST we have seen some 47,000 PFE AUG $13 CALLS traded today alone versus a prior open interest of a mere 120 contracts. Out in September expiration, we have seen 10,500 of the SEPT $11 Calls trade versus a prior open interest of 10 contracts.
August 5, 2009 at 9:51 am Leave a comment