DirectMarkets in pact to sell broker-dealer unit

Tweet Direct Markets Holdings (NASDAQ:MKTS) has entered into a nonbinding letter of intent for the sale of Rodman & Renshaw LLC, its broker-dealer subsidiary, to an entity controlled by Michael Vasinkevich, one of the company’s founders and former vice chairman of the board. Terms include the assumption of specified liabilities, including certain leasehold obligations, accounts [...]

Rodman ups PharmAthene to market outperform

Tweet Rodman & Renshaw has upgraded PharmAthene (AMEX:PIP) to “market outperform,” with a new 12-month price target of $7, from “market perform,” after a Delaware court judge issued a final judgment with “favorable economics” to PharmAthene in its dispute with SIGA Technologies. Shares of PharmAthene closed at $1.56 on Friday. Last September, the court ruled [...]

Ladenburg names David Strupp as senior investment banker

Tweet David Strupp Jr. has joined Ladenburg Thalmann & Co. as a managing director, Healthcare Investment Banking, effective immediately, and will be based in New York. Mr. Strupp was previously managing director, Healthcare Investment Banking, with Rodman & Renshaw, where he led efforts expanding the firm’s scope of financing transactions and broadening its client base. [...]

Novadaq underwriters exercise over-allotment

Tweet Prior to the closing of a public offering of 6.1 million common shares at $5.75 a piece, underwriters for Novadaq Technologies (NASDAQ:NVDQ; TSX:NDQ) exercised in full an option to purchase an additional 915,000 common shares at the same price solely to cover overallotments. After deducting commissions and other expenses, Novadaq received net proceeds of [...]

Rodman starts Affymax at market outperform

Tweet Rodman & Renshaw has initiated coverage of Affymax (NASDAQ:AFFY) with a “market outperform” rating and $20 price target, pointing out that the company could soon chip away at Amgen’s 20-year monopoly in the dialysis space. The stock closed at $12.44 on Thursday. Analyst Michael King writes that Affymax is on the brink of FDA [...]

Rodman ups Alnylam price target to $19

Tweet Rodman & Renshaw has raised its year-end price target for “market outperform-rated” Alnylam Pharmaceuticals (NASDAQ:ALNY) to $19 from $12, based on changes to the company’s business model and a sum-of-the-parts analysis. Noting that Alnylam has made considerable progress in its clinical development programs in the past six months, analyst Michael King writes that he [...]

Rodman to launch automated electronic transaction platform

Tweet Rodman & Renshaw Capital Group (NASDAQ:RODM), via a new subsidiary, DirectMarkets, has unveiled an automated, state-of-the-art electronic transaction platform to directly link existing public company issuers and investors seeking to transact primary offerings of securities. Both investors and issuers will benefit from 24/7 seamless access to DirectMarkets’ platform through a graphical user interface accessible via [...]

Rodman sees Neoprobe driving shareholder value

Tweet In a new report, Rodman & Renshaw reports on a management meeting with Neoprobe (NASDAQ:NEOP) on Wednesday, when it obtained an update of upcoming events that could “significantly drive shareholder value going forward.” The FDA recently accepted a NDA from Neoprobe for the use of its Lymphoseek treatment in intraoperative lymphatic mapping, and provided [...]

Rodman starts Celsion at market outperform

Tweet Rodman & Renshaw has initiated coverage of Celsion (NASDAQ:CLSN) with a “market outperform/speculative risk” rating and a target price of $6, based on a discounted revenues and earnings per share valuation methodology. The stock closed at $2.75 on Tuesday. “With approximately $25 million in cash pro forma, and an enterprise value of $47 million, [...]

Rodman sees higher small-cap biotech valuations

Tweet Citing the proposed acquisition of Anadys Pharmaceuticals (NASDAQ:ANDS) by Roche (NASDAQ: RHHBY) at a 260% premium, Rodman & Renshaw figures that Pharma’s strong balance sheet and expiring patents on blockbuster drugs “bring together the perfect storm of factors could lead to higher small-cap biotechnology valuations.” The Roche-Anadys acquisition highlights the “increasing appetite of pharmaceutical [...]

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