Market Overview

Benzinga's Small Cap Movers for Friday March 15, 2013

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

Ambow Education Holding

Shares of Ambow Education Holding (NYSE: AMBO), the China-based education company, soared 53% Friday on 13 times average volume.

Baring Private Equity Asia Ltd bid $1.46 per ADS on Friday to take Ambow private. Baring currently has a 10% stake in Ambo.

Ambow Education closed at $1.55 on Friday.

Progenics Pharmaceuticals

Progenics Pharmaceuticals (NASDAQ: PGNX), the Tarrytown, NY biopharmaceutical company, rose 29% Friday on 17 times average volume.

Progenics announced Friday its results of operations for the fourth quarter and year end 2012. Net loss for the fourth quarter was $0.3 million or $0.01 diluted per share, compared to net loss of $10.7 million or $0.32 diluted per share in the 2011 period. Net loss for the year was $35.4 million or $1.02 diluted per share, compared to net income of $10.4 million or $0.31 diluted per share in 2011. The 2012 results include revenue from partnering two proprietary research programs, while 2011 results reflect upfront payment and reimbursement revenue from the company's Relistor(R) collaboration with Salix Pharmaceuticals. At December 31, 2012, Progenics had cash, cash equivalents and securities of $62.1 million, an increase of $17.8 million in the quarter including proceeds of a fourth quarter follow-on common stock offering and reflecting use of $11.3 million for the full year.

Progenics Pharmaceuticals closed at $4.36 on Friday.

Cleveland BioLabs

Shares of Cleveland BioLabs (NASDAQ: CBLI), the Buffalo, NY biotechnology company, rose 8% Friday on lower than average volume.

Cleveland BioLabs reported Thursday, financial results and development progress for the fourth quarter and fiscal year ended December 31, 2012. Cleveland BioLabs reported net income attributable to its common stockholders for the fourth quarter of 2012 of $3.1 million, or $0.07 per share of common stock, as compared to a net loss attributable to its common stockholders of $7.2 million, or $0.20 per share of common stock, for the fourth quarter of 2011. Cleveland BioLabs reported a net loss attributable to its common stockholders for fiscal 2012 of $18.2 million, or $0.49 per share of common stock, as compared to a net loss attributable to its common stockholders of $4.0 million, or $0.12 per share of common stock, for fiscal 2011. The variances in reported net income/loss are largely due to variances in the value of warrant liabilities which are required to be valued on a mark-to-market basis for each reportable period. Cleveland BioLabs closed at $1.64 on Friday.

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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