CytRx, NetSol Among Week’s Biggest MoversFriday, January 3, 2014
The Los Angeles Business Journal’s index of largest local public companies closed up slightly for the week.
The weighted LABJ Stock Index closed up 0.37 percent to 180.68 for the trading week ended Jan. 3. Decliners outpaced gainers 76 to 75, with nine companies unchanged.
The biggest gainer was West L.A. cancer drug developer CytRx Corp., which benefitted from positive blog coverage about prospects for its lead drug candidate. Shares jumped 45 percent to $6.70.
Two tech companies that had been beaten down over the past year also benefitted from positive coverage in the stock blogs. Calabasas software developer NetSol Technologies Inc. gained 21 percent to $5.83. Chatsworth microturbine maker Capstone Turbine Corp. rose 14 percent to $1.39.
Biotechs were among the top decliners as investors took profits. Kythera Biopharmaceuticals Inc., a Calabasas developer of an experimental injectable drug to reduce chin fat, dropped 9 percent $35.75.Pasadena nanotech drug developer Arrowhead Research Corp. fell 8 percent to $10.16.