Market Overview

Benzinga's Microcap Movers for Wednesday October 17, 2012

Below are highlights from Benzinga's daily coverage of small cap and microcap securities making big moves:

Peregrine Pharmaceuticals

Shares of Peregrine Pharmaceuticals (NASDAQ: PPHM), the Tustin, CA biopharmaceutical company, rose 24.29% Wednesday on 1.5 times average volume.

Peregrine Pharmaceuticals provided a company update Wednesday on financing activities, its contract manufacturing business and upcoming potential clinical milestones. Since September 27, 2012, the company has raised $14.3 million in gross proceeds in order to replace the initial funding it repaid under an earlier loan facility.

Peregrine Pharmaceuticals closed at $0.87 on Wednesday.

United Security Bancshares

United Security Bancshares (NASDAQ: UBFO), the Fresno, CA bank holding company for United Security Bank, rose 16.02% Wednesday on 6 times average volume.

United Security Bancshares reported Tiesday unaudited consolidated net income of $1.4 million or $0.10 per basic and diluted common share for the quarter ended September 30, 2012 and $4.6 million or $.33 per basic and diluted common share for the nine months ended September 30, 2012, as compared to a net loss of $1.5 million or ($0.10) per basic and diluted common shares for the quarter ended September 30, 2011 and a net loss of $7.5 million or ($.53) per basic and diluted shares for the nine months ended September 30, 2011.

United Security Bancshares closed at $2.97 on Wednesday.

KIT digital

Shares of KIT digital (NASDAQ: KITD), the New York City video management software and services company, rose 11.27% Wednesday on higher than average volume.

KIT digital working in partnership with the Trade & Development Bank (TDB) of Mongolia, announced Wednesday that Bloomberg Television has launched Bloomberg TV Mongolia, the first international news operation based in one of the fastest-growing investment environments in Asia. The HD channel went on air on the 8th of October 2012, using a tightly integrated production and playout platform designed and built by KIT digital.

KIT digital closed at $2.37 on Wednesday.

The information in this article is taken from public sources, press releases, and websites that cannot always be verified. Please note that investing in microcap stocks is highly speculative. The companies mentioned here are for information purposes only. Benzinga makes no claim as to the suitability of these stocks as an investment. Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.

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