The Los Angeles Business Journal’s index of the largest local public companies was up for the week. The weighted LABJ index rose 3 percent to close at 224, with gainers outpacing losers 107 to 40. Eleven companies closed the week unchanged.
Among stocks trading above $1, Woodland Hills insurance firm Unico American Corp. was one of the week’s leading gainers. Shares were up 39 percent to close at $13.76, though trading volume was low.
Santa Monica’s Kite Pharma Inc., a cancer drug developer, was also one of this week’s leading gainers. Shares rose 18 percent to close at $63.63 after the company announced Friday that the European Medicines Agency had issued a positive recommendation for orphan drug designation for one of its drugs. Orphan drug status comes with tax benefits and other incentives for drug makers.
Fashion marketing and licensing company Cherokee Inc. was among the week’s losing stocks. Shares of the Sherman Oaks company fell 42 percent for the week, closing at $14.82 one day after the company reported earnings that were lower than analysts’ expectations. Cherokee also announced that Target stores, one of its biggest customers, would be dropping one of its apparel lines.
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