Ceres, CytRx Among Week’s Biggest MoversFriday, July 12, 2013
The Los Angeles Business Journal’s index of largest local public companies closed up for the week, with most companies on the list seeing gains.
The weighted LABJ Stock Index rose 4 percent to 167.81 for the trading week ended July 12. Gainers outpaced decliners 122 to 32, with 10 companies unchanged.
Two of the biggest decliners were affected by disappointing financial reports. Ceres Inc. plunged 29 percent to $2.34 after the Thousand Oaks energy crop developer reported a worse-than expected fiscal third quarter and analysts downgraded shares. Ixia fell 18 percent to $14.49. The Calabasas provider of networking hardware and software fell 20 percent after providing a lower-than-expected revenue outlook.
Among the biggest gainers was CytRx Corp., jumping 19 percent to $19.53. The West L.A. pharmaceutical company announced positive results for its experimental brain cancer drug.
BreitBurn Energy Partners LP rose 16 percent to $17.97. An analyst upgraded shares of the downtown L.A. oil and gas firm to “buy.”