Shares of BG Medicine, Inc. (BGMD) rocketed by more than 57 percent on Wednesday after the company announced in a press release that it has paid off its $10 million secured term loan facility with General Electric Capital Corporation and Comerica Bank. The move comes on a big volume too with the issue currently trading more than 1.8 million shares, which dwarfs the average volume of 46K.
“The payoff of the secured term loan facility and elimination of the associated cash burn was an important milestone for BG Medicine and will allow us to invest additional operating cash to grow our business,” stated Paul R. Sohmer, M.D., President and CEO of BG Medicine.
Shares of Macy’s, Inc. (M) surged 7% after Starboard chief Jeff Smith told the Delivering Alpha investment conference that the retailer was worth more than $125 a share, implying 75% expected upside from the stock’s current price.
M shares recently gained $4.93 to $71.66. The stock is up almost 18% year-over-year and has gained 2.53% year-to-date. In the past 52 weeks, shares of Cincinnati, Ohio-based company have traded between a low of $54.84 and a high of $71.81.
Macy’s, Inc. closed Tuesday at $66.73. The retailer has a current market cap of $24.11 billion.
Shares of Cellceutix Corporation (CTIX) are rallying, up nearly 13 percent in Wednesday’s midday trading session. The catalyst for the increase is attributed to confirmation that the US FDA has granted Orphan Drug Designation to Cellceutix’s Kevetrin, to treat ovarian cancer.
“This is an important regulatory milestone for our novel compound Kevetrin,” commented Leo Ehrlich, Chief Executive Officer at Cellceutix. “This is in line with our strategy to initiate a Phase 2/3 trial of Kevetrin against ovarian cancers. We wanted to inform shareholders immediately of this important news and will be updating shareholders shortly on all clinical developments.”
Shares of Celgene Corporation (CELG) are higher by 6.78% to $131.18 in late midday trading on Wednesday after a positive Barron’s article on CELG this afternoon following Receptos (RCPT) acquisition news.