Benzinga's Microcap Movers for Thursday August 2, 2012
Below are highlights from Benzinga's daily coverage of small cap and microcap securities making big moves:
Shares of Repligen (NASDAQ: RGEN), the Waltham, MA provider of supplier of critical biologic products used to manufacture biologic drugs, rose 15.82% Thursday on twice the average volume.
Repligen reported Thursday financial results for its second quarter and year-to-date period ended June 30, 2012. In addition, the Company announced that it will focus its corporate strategy and resources on the growth of its core bioprocessing business, which achieved record sales during the quarter. As a result of this defined strategic focus, the Company will seek a development and commercialization partner for its pancreatic imaging product candidate, RG1068.
The Company reported total revenue for the three-month period ended June 30, 2012 of $15,524,000 compared to $7,654,000 for the same period in 2011. Revenue growth for the second quarter of 2012 was driven by the Company's expanded bioprocessing business, which generated $11,659,000 in product revenue compared to $4,358,000 for the same period in 2011, an increase of 168%. Royalty and research revenue for the three-month period ended June 30, 2012, consisting primarily of royalty payments from Bristol-Myers Squibb on its U.S. sales of Orencia, was $3,865,000 compared to $3,295,000 for the same period in 2011. June 30, 2012 marks the end of the second fiscal quarter for which the Company is reporting consolidated financial results since its acquisition of Novozymes Biopharma Sweden AB (now Repligen Sweden AB) in December 2011.
Repligen closed at $4.54 on Thursday.
Genco Shipping (NYSE: GNK), the New York-based operator of a drybulk fleet, rose 43.54% Thursday on 6 times average volume.
Genco Shipping reported in-line losses of $-0.65. President Robert Gerald Buchanan commented, "During the second quarter, we maintained an opportunistic time charter approach in a challenging drybulk market. By preserving the ability to benefit from a rising freight rate environment combined with a large and modern fleet, we intend to drive future performance when market conditions improve while continuing to provide our leading customers with the highest quality service."
Genco Shipping closed at $3.00 on Thursday.
Shares of MGIC Investment (NYSE: MTG), the Milwaukee, WI mortgage insurance company, fell 64.08% Thursday on 13 times average volume.
MGIC Investment reported Thursday a net loss for the quarter ended June 30, 2012 of $273.9 million, compared with a net loss of $151.7 million for the same quarter a year ago. Diluted loss per share was $1.36 for the quarter ending June 30, 2012, compared to diluted loss per share of $0.75 for the same quarter a year ago. The net loss for the first six months of 2012 was $293.4 million, compared with a net loss of $185.4 million for the same period last year.
MGIC Investment closed at $0.88 on Thursday.
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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