Monday, May 3, 2010

Popular Gap Reversal (BPOP)

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Popular, Inc. (NASDAQ: BPOP) was trading up again and continued up after the gains on Friday evening, but the stock exhibited a true gap & crap pattern after the open.  As covered in The Unusual Suspects this weekend… It has already been a winner with shares up big in the last 3 months.  Shares rose by 8.6% to $4.29 in the after-hours session on more than 900,000 shares Friday on the news: Westernbank Puerto Rico was seized by the FDIC on Friday with about $11.9 billion in assets; Banco Popular agreed to acquire Westernbank’s deposits and about $9.4 billion of its assets, with the FDIC keeping the rest for future sale.

Shares opened at $4.10 after a $3.95 close… At 9:37 AM EST we now have shares DOWN 3.3% at $3.83 on almost 9 million shares.

Shares closed at $3.95 Friday and were up 5% at $4.15 on just over 1 million shares right before the open.  The old 52-week high is $4.23, so this could mark a 52-week high if any added strength returns.


Biosante Back on Prostate Cancer Path (BPAX)

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Biosante Pharmaceuticals, Inc. (NASDAQ: BPAX) is up after announcing that development of its GVAX Prostate Cancer Vaccine has been reinitiated. The company said that manufacturing of the new GVAX Prostate is in process and that regulatory steps to lift the GVAX Prostate clinical hold prior to trial initiation are being taken.  Further noted was that prostate cancer patients are expected to be treated in a Phase II human clinical trial beginning in the fourth quarter of 2010 at Johns Hopkins.

The stock closed at $2.35 on Friday and at 8:44 AM EST we have shares up over 7% at $2.52 on about 73,000 shares.