The Los Angeles Business Journal’s index of the largest local public companies was down for the week. The weighted LABJ index fell one percent to close at 236, with gainers outpacing losers 85 to 64. Eight companies closed the week unchanged.
Among stocks trading above a dollar, Ceres Inc. was one of the week’s leading gainers. Shares of the Thousand Oaks company were up 75 percent to close at $1.70 after the company announced this week it had secured a patent for a system it developed to genetically engineer crops.
MRV Communications Inc. was also one of the week’s leading gainers. Shares of the Chatsworth network component maker rose 42 percent to close at $16.82 Friday. Earlier in the week, the firm reported quarterly results that showed a much narrower loss for the second quarter compared to the same period last year.
Billionaire Patrick Soon-Shiong’s clinical-stage immunotherapy firm NantKwest Inc. was among the week’s losing stocks. Shares of the company fell 21 percent for the week, closing at $22.60. NantKwest debuted at $25 a share in its first day of trading on the Nasdaq last month.
Another losing stock was Downtown L.A. apparel maker American Apparel Inc. Shares fell 29 percent for the week, closing at 14 cents, after the company reported sinking sales and acknowledged it doesn’t have enough financing to keep operating for the next year.
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