Small
cap stocks making big moves on Wednesday, April 2, 2014 (as of 4 pm EST)
MannKind Corp. (NASDAQ: MNKD)
shares soared 74% to $6.99 on volume of more than 96.5 million shares Wednesday
after the pharmaceutical company said late Tuesday that its diabetes
treatment Afrezza was recommended for approval by a Food and Drug
Administration advisory committee. Afrezza is fast-acting insulin for patients
with the most common form of diabetes. The FDA is expected to decide on
MannKind’s latest application by April 15.
As well,
shares of Liquidity Services, Inc. (NASDAQ: LQDT)
slipped 7% to $20.86 on more than 8.1 million shares traded as the global
buyer of surplus assets announced that it has been determined the apparent high
bidder for a contract with the U.S. Defense Logistics Agency (DLA) to purchase,
manage and sell non-rolling stock surplus assets of the U.S. Department of
Defense. RW Baird says Liquidity Services’ high bid for the Non-Rolling Stock
portion of the Defense Logistics Agency’s surplus liquidation contract is
“quite a bit” higher than it expected.
Envivio (NASDAQ: ENVI),
meanwhile, reported that the company had reached a deal to provide premium
live HD sports broadcast for a European Tier 1 service provider
on AppleTV. Envivio stock moved up 6% to $3.49.
Finally,
Alliance Fiber Optic Products, Inc.
(NASDAQ:
AFOP) shares gained 13% to $16.68 after the supplier of fiber optic
components announced preliminary first-quarter sales of approximately $24.8
million, which represents a 104% increase from the year ago quarter and is 10%
higher than the $22.5 million revenue guidance issued on February 3, 2014. With
this record quarterly sales, the company said it expects to report a record quarterly
profit as well.
