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Monday, Mar 18, 2024
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Midday Stock Roundup: Virgin Galactic Falls

Stocks generally higher

March 18
AEROSPACE 
Tustin-based space tourism company Virgin Galactic Holdings Inc. (NYSE: SPCE)  fell 9.9% to $1.49 per share for a market cap of $598 million, nearing a 52-week low seen last November.
HEALTHCARE 
Shares in Alignment Healthcare Inc. (Nasdaq: ALHC), a provider of Medicare Advantage plans, were down 8.3% at $457 for a market cap of $864 million. The stock price has dropped almost in half this year since releasing enrollment figures in January.
INDEXES
The cost for a barrel of oil rose 1.8% to $82.46.
                                                                                         —Kevin Costelloe

 

March 15

AGRICULTURE 

Newport Beach-based American Vanguard Corp. (NYSE: AVD), an agricultural products maker, rose 19% to $12.60 per share for a market cap of $362 million. The company yesterday reported earnings of 25 cents per share in the fourth quarter up from earnings of 13 cents a year ago, and n line with the Zacks Consensus Estimate.  Revenues were $172.2 million for the quarter, up around 8% year over year, but they missed slightly the Zacks Consensus Estimate of $172.7 million.

RETAIL

Specialty apparel retailer Tilly’s Inc. (NYSE: TLYS) fell 5.3% to $6.82 per share for a market cap of $204 million. The Irvine-based  company said yesterday that fourth-quarter net sales decreased by 4.1% to $173 million, while the net loss for the period was $20.6 million.

INDEXES

The Nasdaq fell 1.1% to 15,949.12.

Kevin Costelloe

MARCH 14
RETAIL
GEN Restaurant Group Inc. (Nasdaq: GENK) rose 16% to $7.76 and a $469 million market cap. Shares in the all-you-can-eat Korean barbecue chain, which got its start in Tustin and is now based in Cerritos, are up 38% since hitting a 52-week low of $5.61 on March 7.
CONSTRUCTION
Irvine-based construction company Shimmick Corp. (Nasdaq: SHIM) climbed 12% to $7.86 and a $200 million market cap. Trading volume is more than double the daily average of 22,000.
INDEXES
Oil increased 1.7% to $81.05 per barrel.
Gold fell 1% to $2,162.
The yield on a 10-year Treasury bond increased 2.3% to 4.286%.
–Yuika Yoshida

MARCH 13
MORTGAGES
LoanDepot Inc. (NYSE: LDI) fell 9.4% to $2.30 and a $742 million market cap. The Irvine-based mortgage originator yesterday reported fourth-quarter revenue of $228 million, missing the average analyst estimate of $239 million. It also reported a wider loss than expected of 16 cents a share when the consensus was for a 6-cent loss.
BIOPHARMACEUTICALS
Avid Bioservices Inc. (CDMO) fell 4.6% to $6.08 and a $384 million market cap. The Tustin-based contract manufacturer of biologics yesterday said it would restate certain results in prior quarters because it must reclassify certain senior notes.
MARKETS
Crude oil climbed 2.2% to $79.25 a barrel.
                                                                                                  –Peter J. Brennan
MARCH 12
HEALTHCARE
Santa Ana-based NKGen Biotech Inc. (Nasdaq: NKGN), a clinical stage biotech company, fell 19% to $2.06 per share for a market cap of $46 million after yesterday’s 15% increase. The company’s shares are still up three-fold since last week when it announced the upcoming data presentation at the Tau2024 Global Conference in Washington, D.C., at the end of this month.
DENTAL 
Laguna Hills-based Sonendo Inc. (OTCQX: SONX), a dental technology company,  declined 42% to 9 cents per share for a market cap of $5.4 million. The company yesterday reported a fourth-quarter net loss of $10.9 million, the same as in the same period of 2022. The company also said it expects full-year 2024 revenue in the range of $28 million to $30 million, excluding a unit that it sold; that would be below last year’s $43.9 million while one analyst covering the company had estimated $48 million for this year.
 
INDEXES
The yield on the 10-year Treasury bond rose 1.2% to 4.15%.
                                                                                                                                                                                                                          —KEVIN COSTELLOE

 

March 11

HEALTHCARE

Staar Surgical Co. (Nasdaq: STAA) rose 9.8% to $39.36 with a market cap of $1.4 billion. Shares of the Lake Forest-based lens maker were up after Stifel analyst Thomas Stephan upgraded Staar’s rating to Buy from Hold with a price target of $50, up from $30.

Stifel said the company’s shares have pulled back notably since late 2022 “as investor excitement toward EVO’s domestic opportunity has deteriorated,” The Fly reported. Stephan believes the company’s “conservative” 2024 guidance, U.S. EVO “green-shoots,” and a trough valuation can allow investors to “weather these storms, at discounted prices for a differentiated asset/technology.”

Santa Ana-based NKGen Biotech Inc. (Nasdaq: NKGN) jumped 15% to $2.51 apiece and a $54 million market cap. Shares of the biotech firm have tripled since last week when it announced the upcoming data presentation at the Tau2024 Global Conference in Washington, D.C. at the end of March.

–Emily Santiago-Molina


March 8

ENGINEERING

Anaheim-based engineering firm Willdan Group (Nasdaq: WLDN) rose 26% to $24.94 per share for a market cap of $340 million after a strong earnings report yesterday. Wedbush Securities raised the firm’s price target on Willdan to $30 from $25 and has kept the outperform rating on the shares. Willdan reported “blowout” fourth quarter results, while providing conservative 2024 guidance, and Wedbush believes recent deal flow and pipeline conversion will ultimately result in strong net revenue growth throughout 2024, the analyst tells investors in a research note according to the website The Fly.com.

Irvine-based chip company Mobix Labs (NASDAQ: MOBX) fell 25% to $1.31 per share, close to the lowest since the company went public in December, for a market cap of $34 million.

The price for a barrel of oil fell 1.2% to $78.02

Gold rose 1.6% to $2,200.30.

Kevin Costelloe

March 7

BIOTECH

Avid Bioservices Inc. (Nasdaq: CDMO) fell 30% to $6.14 and a $390 million market cap. The Tustin-based drug contract manufacturer yesterday reported third-quarter revenue decreased 11% to $33.8 million. Analysts on average expected $41.6 million.

HEALTHCARE

MDxHealth SA (Nasdaq: MDXH) declined 14% to $3.20 and a $98 million market cap. The Irvine-based maker of noninvasive prostate tests today reported $19.4 million in fourth-quarter revenue, which beat analysts’ expectations. Even though it beat estimates, the company reiterated a prior forecast for revenue between $79 million to $81 million for 2024 and adjusted profitability for the first half of 2025.

MARKETS

The Nasdaq rose 1.4% to 16,255.12.

–Yuika Yoshida


March 6

BIOTECH

Shares of Santa Ana-based NKGen Biotech Inc. (Nasdaq: NKGN) soared 256% to $3.29 and a $72 million market cap. Volume was 79 million shares compared to the daily average of 92,000; it has 13.4 million shares outstanding. The company, which focuses on “natural killer” cell therapies to treat cancers and neurodegenerative diseases, announced on March 4 that its abstract for presentation on the effects of its cell therapy will be presented at the Tau2024 Global Conference March 25-26 in Washington D.C.

TECHNOLOGY

Skyworks Solutions Inc. (Nasdaq: SWKS) increased 6.2% to $106.52 and a $17.1 billion market cap. Shares of the Irvine-based chipmaker are now up 25% since early November when it reported fiscal fourth-quarter results.

INSURANCE

Orange-based Alignment Healthcare Inc. (Nasdaq: ALHC) fell 4.7% to $5.22 and a $991 million market cap. The provider of Medicare Advantage insurance plans was downgraded to neutral from overweight at Piper Sandler, which cut its target price in half to $6 from $12, according to the website The Fly.com.

MARKETS:

Oil rose 2.4% to $80.02 a barrel.

                                                                                                      –Peter J. Brennan


March 5

DEFENSE

Shares in Terran Orbital Corp. rose 5% to $1.24 apiece for a market cap of $242 million. Terran (NYSE: LLAP), with the bulk of its operations in Irvine, said today it was awarded a $15.2 million contract to supply Ambassador Class satellite platforms to the Air Force Research Laboratory for U.S. Space Force missions. The company has also received a buyout offer from Lockheed Martin reportedly worth nearly $600 million.

ADVERTISING

Digital ad tech company Viant Technology Inc. (Nasdaq: DSP) rose 6.5% to $9.78 per share for a market cap of $612 million.  Viant said yesterday that fourth-quarter revenue jumped 18% to $64.4 million, while the company turned a $3.3 million profit, topping analysts’ expectations of a loss.

INDEXES

The Nasdaq fell 1.5% to 15,970.52.

The yield on a 10-year Treasury bond was down 1.6% to 4.15%.

 

                                                                                            –Kevin Costelloe


March 4

AEROSPACE

Terran Orbital Corp. (NYSE: LLAP) rose 13% to $49.63 with a market cap of $237 million. The board of the Boca Raton, Fl.-based satellite maker, with significant operations in Irvine, has adopted a stockholder rights plan following a proposal from Lockheed Martin Corp. to acquire all outstanding shares of Terran’s common stock for cash.

For more on Terran Orbital, see the March 4 print edition of the Business Journal.

RETAIL/FITNESS

Irvine-based Xponential Fitness Inc. (NYSE: XPOF) was off 9.9% to $12.66 apiece and a $598 million market cap. Analyst firm Citi lowered its target price for the fitness chain franchisor from $23 to $21 on Monday.

Last Friday, Xponential climbed 44% to $14.48 a share after reporting fourth quarter and full-year revenues that beat the analyst consensus estimate.

INDEXES

Oil is down 1.4% to $78.83 per barrel.

Gold increased 1.4% to $2,125.30.

The yield on a 10-year Treasury bond rose 1% to 4.219%.

–Emily Santiago-Molina


March 1

RETAIL

Xponential Fitness Inc. (NYSE: XPOF) climbed 44% to $14.48 a share and a $693 million market cap. The Irvine-based boutique fitness franchisor yesterday reported fourth quarter and full-year revenue that beat the analyst consensus estimate. Trading volume for Xponential today is nearly six times the daily average.

TECHNOLOGY

Interlink Electronics Inc. (Nasdaq: LINK) rose 10% to $12.26 a share and a $80.2 million market cap. The Irvine-based sensor maker today said it will issue a 50% common stock dividend on March 22 to its stockholders of record as of March 11.

INDEXES

The Nasdaq increased 1.1% to 16,264.33.

Crude oil jumped 2.3% to $80.09 a barrel.

Gold rose 2% to $2,094.90 an ounce.

The yield on a 10-year treasury bond fell. 1.2% to 4.199%.

–Kaitlin Aquino


Feb. 29

ENVIRONMENTAL

Montrose Environmental Group Inc. (NYSE: MEG) rose 24% to $40.92 and a $1.2 billion market cap. The environmental consulting firm, with much of its operations based in Irvine, today reported fourth-quarter revenue of $165.7 million, surpassing analysts’ expectations of $157.3 million.

HEALTHCARE

Inari Medical Inc. (Nasdaq: NARI) fell 19% to $47.21 and a $2.7 billion market cap. Shares in the Irvine-based medical device company hit a 52-week low of $46.59 after reporting a loss of 8 cents per share in yesterday’s fourth-quarter results, missing the Zacks consensus estimate of 1 cent per share.

–Yuika Yoshida


Feb. 28

HEALTHCARE

ICU Medical (Nasdaq: ICUI), the San Clemente-based supplier of infusion therapy-related medical equipment, rose 6.7% to $113.98 per share for a market cap of $2.8 billion. The company yesterday reported adjusted fourth-quarter earnings of $1.57 per share, beating analysts’ estimates, while revenue for the period was 4% above estimates.

Orange’s Alignment Healthcare Inc. (Nasdaq: ALHC), which sells Medicare Advantage insurance to seniors, fell 20% to $5.56 per share for a market cap of $1.1 billion a day after posting earnings that included a net loss of $148.2 million for the full year 2023. “Alignment Healthcare posts loss despite Medicare Advantage enrollment that’s on the rise,” Forbes magazine said after the earnings release.

Kevin Costelloe

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Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
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