National Bank of Greece (NYSE:NBG) executes recapitalisation plan, Peregrine Pharmaceuticals (NASDAQ:PPHM)

Posted by Beth Hart May 23, 2013 0 Comment 2975 views


National Bank of Greece (NYSE:NBG): In Wednesday’s trading session, National Bank of Greece (NYSE:NBG) dipped 6.34% and closed at $1.33. It opened at $1.32 per share, touched an intraday high of $1.42, before dropping down to close at $1.30 per share. Over 14.43 million shares were traded in Wednesday’s trading session. This number stood above the average volume of 10.86 million that was measured over a 30-day period.

On May 20, National Bank of Greece (NYSE:NBG) said it would be selling 2.27 billion of new shares at ($5.50) 4.29 euros each. This move is part of the recapitalisation plan that the bank has embarked upon. This price has been calculated post a 1-for-10 reverse-stock split. In addition to this, on 29 April it won the approval of its shareholders to raise its capital with a $12.70 billion (9.75 billion euro) share offering. The objective is to gain enough amount of support from various private investors, to escape state control.

The Greece-based NBG is a financial institution. It offers a variety of integrated financial services. These include investment and corporate banking, retail banking (including mortgage lending), stock brokerage, leasing, venture capital and asset management, real estate, insurance and consulting services.

Peregrine Pharmaceuticals (NASDAQ:PPHM): In Wednesday’s trading session, Peregrine Pharmaceuticals (NASDAQ:PPHM) dipped 4.82% and closed at $1.58. It opened at $1.70 per share, touched an intraday high of $1.75, before dropping down to close at $1.54 per share. Over 4.42 million shares were traded in Wednesday’s trading session. This number stood above the average volume of 2.54 million that was measured over a 30-day period.

PPHM has agreed with the U.S Food and Drug Administration on the late-stage trial design for its anti-cancer drug, Bavituximab. On Monday, the company had announced that it had come to an agreement with the regulator for its second-line of Bavituximab, a non-small-cell lung cancer immunotherapeutic treatment. The company expects to initiate the trial before 2013 is out. The drug had apparently more than doubled the survival in mid-stage trials. A few weeks post that announcement, Steven King, the company CEO had informed investors that these results should not be trusted. Months later, the company finally re-released its results, which once again, demonstrated a clinical benefit. The fact that the U.S FDA has agreed to the late-stage trial is in itself a success.


About Beth Hart

Beth is from New York. She has two master’s degrees and served as a lecturer in B-School. Her master’s degree is an MBA in Global Management from the University of Phoenix (2010). She has worked for small businesses, public agencies, and large corporations. She does write articles as a freelancer.

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