Hot small caps
Cancer drug development was a hot topic for small cap investors.
Despite Clovis Oncology reminding investors of the binary risks in drug development (the Nasdaq stock crashed, losing 70%, as a clinical development stalled for a key drug candidate) there was still a lot of attention on the sector.
The early spotlight was on Starpharma (OTCMKTS:SPHRY, ASX:SPL) as the dual listed drugs developer revealed what it described as “very exciting” results from a potential ovarian cancer drug.
It was a good-news-bad-news type day for investors in Xenetic Biosciences (OTCQB:XBIO). In the plus column is the unveiling of a major drug acquisition (a Phase 2 cancer drug candidate with ‘orphan’ status).
The shares were moving lower (about 16% lower), however, as the deal is being paid for in shares and the company will be issue further equity for a fund raise to carry the drug development forward.
Elsewhere, Arcis Resources (OTCMTKS:ARCS) was among the most talked about stocks, as the software firm continues to trend on social media and internet stock forums.
Blue chip blather
Warren Buffett is selling blue-chips – albeit to raise funds for a not so small US$30bn aerospace acquisition.
The Oracle of Omaha’s investment vehicle Berkshire Hathaway (NYSE:BRK.A) is cutting its stakes in Goldman Sachs Group (NYSE:GS) and Wal-Mart Stores (NYSE:WMT) to free up cash.
Everyone’s favourite value investor, who famously recommends investing when others are scared, also said today that he wouldn’t sell securities as a result of the terrorist attacks in Paris last Friday.
Also on the TV scrollers was the news that Marriot was agreed to a US$12.2bn merger with Starwood Hotels & Resorts. The deal brings the premium Sheraton, Ritz Carlton and the Autograph brands together into the same group.
Top Risers
ADRs of CONMED (NASDAQ:CNMD) climbed 8.8% to $41.72 after the medical technology company agreed to acquire privately-held SurgiQuest for $265mln on a cash-free, debt-free basis.
Terra Tech (OTCMKTS:TRTC) advanced 7.3% to $0.117 as the medical marijuana group expanded its operation in southern California.
Cardinal Resources (OTC PINK: CDNL), a company that makes solar powered drinking water systems, almost doubled to $0.0073 with news it was installing the system for communities in Panama.
Specialty biotechnology group Abattis Bioceuticals (OTCMKTS:ATTBF), up 17% to $0.0630, was boosted by new plans to raise up to $0.5mln in a private placement.
Biggest losers
Epirus Biopharmaceuticals (NASDAQ:EPRS) fell 2.5% to $5.05 after the developer of generic biotech drugs reported a wider-than-expected loss in the third quarter.
Neurotrope (OTCMKTS:NTRP) fell 18% to $0.659 after telling investors it is raising $15.3mln to fund the clinical development of its potential Alzheimer’s drugs.
Cryoport (NASDAQ:CYRX) slipped 7.4% to $2.25, reversing an earlier gain despite narrower loss and better third quarter revenues for the for the bio-tech logistics group.