The Week’s Biggest MoversFriday, June 13, 2014
The Los Angeles Business Journal’s index of largest local public companies fell for the week.
The weighted LABJ Stock Index closed down 1 percent to 194 for the trading week ended June 13. Decliners outpaced gainers 83 to 76, with three companies unchanged.
The biggest decliner was Arrowhead Research of Pasadena. Shares of the Pasadena biopharmaceutical firm fell 13 percent to $12.24 after a competitor acquired a patent it will use to develop a Hepatitis B treatment.
Also declining was Vitesse Semiconductor Corp. Shares fell 6 percent to $3.50 after the company announced it will raise $23.2 million in a secondary stock offering.
Among the biggest gainers was teen-focused online finance firm Virtual Piggy of Hermosa Beach. Shares rose 15 percent to $1.09 as the company announced partnerships with video game companies at the E3 convention.
Also gaining was Cherokee Inc. of Sherman Oaks. Shares of the apparel company rose 10 percent to $15.07 as the company announced earnings that beat analyst expectations.