Benzinga's Small Cap Movers for Friday November 16, 2012
Below are highlights from Benzinga's daily coverage of small cap securities making big moves:
New Energy Systems Group
Shares of New Energy Systems Group (NYSE: NEWN), the China-based vertically integrated original design manufacturer and distributor of lithium ion batteries and backup power systems for mobile phones, laptops, digital cameras, MP3s and a variety of other portable electronics, rose 22.5% Friday on 21 times average volume.
New Energy Systems announced Friday, financial results for the third quarter ended September 30, 2012. Revenues declined 46% year-over-year to $3.6 million due to lower demand for batteries in China and increased competition. Solar panel and related solar product sales were down 62% to $1.9 million due to the downturn pressure of the entire solar market and intense market competition.
Net income from continuing operations was a net loss of $7.6 million compared to a net loss of $0.5 million in the third quarter of 2011. GAAP net loss per shares was $0.52 in the third quarter of 2012 compared to a net loss per share of $0.04 in 2011. Non-GAAP adjusted net income and earnings per share were $0.8 million and $0.06, respectively, in the third quarter of 2012.
New Energy Systems Group closed at $0.49 on Friday.
Shares of Prana Biotechnology (NASDAQ: PRAN), the Melbourne, Australia biotechnology company specializing in age-related neurodegenerative disorders, rose 16% Friday on higher than average volume.
Prana Biotechnology reported Wednesday on its progress in the Reach2HD trial, following a presentation by the Ms Dianne Angus, Prana's Chief Operating Officer, at the Huntington Study Group Annual Conference held in Seattle this past weekend. The Reach2HD trial is a Phase IIa, 6 month trial in 100 patients with early to mid-stage Huntington disease that are treated with one of two doses of PBT2 or placebo. Enrollment commenced in April 2012 following approval from the FDA to conduct the trial across sites in the USA and Australia.
During the presentation, Ms Angus noted that PBT2 has a unique therapeutic action because of its specialized ability to prevent the toxic relationship between disease proteins and biological metals in the brain. Of special relevance to Huntington disease, PBT2 has been shown in animal modeling that it can reduce the aggregation of a mutant form of the Huntingtin protein that is associated with the disease, improve motor function, preserve neuronal tissue and significantly improve life expectancy.
Prana Biotechnology closed at $2.28 on Friday.
Shares of DARA BioSciences (NASDAQ: DARA), the Raleigh, NC development stage biopharmaceutical company, rose 15% Friday on lower than average volume.
Ladenburg Thalmann initiated DARA BioSciences with a rating of Buy rating and a $2 price target on Friday.
DARA BioSciences closed at $0.81 on Friday.
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