Benzinga's Microcap Movers for Wednesday August 8, 2012
Below are highlights from Benzinga's daily coverage of small cap and microcap securities making big moves:
Shares of Savannah Bancorp (NASDAQ: SAVB), the Savannah, GA bank holding company, rose 62.70% Wednesday on 128 times average volume.
SCBT Financial Corporation (NASDAQ: SCBT) and Savannah Bancorp jointly announced Wednesday the signing of a definitive merger agreement under which SCBT will acquire Savannah Bancorp for a total value of approximately $67.1 million.
Savannah Bancorp closed at $9.03 on Wednesday.
Coffee Holding Co
Shares of Coffee Holding Co (NASDAQ: JVA), the Staten Island, NY coffee distributor, rose 13.06% Wednesday on 4 times average, volume.
Coffee Holding moved higher on the heels of Green Mountain Coffee Roasters (NASDAQ: GMCR), which experienced a short-covering rally.
Coffee Holding closed at $6.58 on Wednesday.
Shares of Savient Pharmaceuticals (NASDAQ: SVNT), the East Brunswick, NJ specialty biopharmaceutical company, rose 24.14% Wednesday on twice the average volume.
Savient Pharmaceuticals reported Wednesday financial results for the three and six months ended June 30, 2012, which reflects the Company's continuing commercialization of KRYSTEXXA (pegloticase) in the U.S.
Savient ended the quarter with approximately $142.2 million in cash and short-term investments, a net increase of $11.2 million for the quarter. The increase in cash and short-term investments was primarily driven by the Company entering into definitive financing and restructuring agreements with certain of its 2018 convertible note-holders during the quarter, which raised approximately $43.1 million in net cash proceeds.
Net sales for KRYSTEXXA were $4.0 million for the second quarter of 2012, a 30% increase over the first quarter of 2012. For the second quarter of 2012, the Company had a net loss of $16.4 million, or $0.23 per share, on total revenues of $4.6 million, compared with a net loss of $30.2 million, or $0.43 per share, on total revenues of $2.0 million for the same period in 2011. The net loss for the first six months of 2012 was $50.6 million, or $0.72 per share, on total revenues of $8.2 million, compared with a net loss of $43.8 million, or $0.63 per share, on total revenues of $3.3 million for the same period in 2011. The net loss for the three and six-month periods ended June 30, 2012 includes a $21.8 million, or $0.31 per share, gain on the extinguishment of debt.
Savient Pharmaceuticals closed at $0.72 on Wednesday.
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