Morning Watch: Apple Inc. (AAPL), Ballard Power (BLDP), PlasmaTech Biopharmaceuticals (PTBI), Qihoo (QIHU)

Apple Inc. (AAPL) shares are up $0.20, or 0.16%, to $128.85 in early trading Monday as the tech giant kicks off its highly anticipated Worldwide Developers Conference. The event kicks off at 10 a.m. local time at which Apple is expected to focus on streamlining and improving the stability of its iOS software for iPhones and iPads. CEO Tim Cook is expected to participate.

WWDC is one of Apple’s most important events of the year.

Shares of Ballard Power Systems Inc. (BLDP) are higher by nearly 12% to $2.36 in early market trading on Monday after the company announced a deal to power 33 clean energy buses in China. The agreement has an estimated value of $10 million, the majority of which is expected to be recognized in 2015.

PlasmaTech Biopharmaceuticals, Inc. (PTBI) shares surged 9.32% to $7.98 in early trading after the company announced the addition of another adeno-associated virus (AAV) gene therapy program to its product pipeline. PlasmaTech said it has licensed an AAV gene therapy for the treatment of Juvenile Batten disease from UNeMed. The company is also developing AAV gene therapies for the treatment of Sanfilippo syndromes (MPS IIIA and MPS IIIB).

“This transaction further represents our commitment to our strategy of building a premier gene therapy company focusing on rare diseases,” stated Steven H. Rouhandeh, Executive Chairman of PlasmaTech. “We believe there are significant synergies among Abeona’s expertise and programs and the ground breaking work from the scientists at the University of Nebraska Medical Center, and we are excited about moving their JBD program ahead aggressively.”

Qihoo 360 Technology Co. Ltd. (QIHU) has risen in early trade on above average volume. The stock shows follow through to Friday’s upward momo. It is currently up 3.50% at $65.

On valuation measures, Qihoo 360 Technology Co. Ltd. shares have a T-12 price/sales ratio of 5.20 and a price/book for the same period of 6.68. EPS is $1.70. The name has a market cap of $8.34 billion and a median Wall Street price target of $77.00 with a high target of $99.00. Currently there are 21 analysts that rate QIHU a ‘Buy’, 4 rate it a ‘Hold’. No analysts rate it a ‘Sell’.

In terms of share statistics, Qihoo 360 Technology Co. Ltd. has a total of 98.32 million shares outstanding with 23.50% held by insiders and 59.80% held by institutions. The stock’s short interest currently stands at 7.36%, bringing the total number of shares sold short to 7.19 million.

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