Small
cap stocks making big moves on Monday, March 31, 2014 (as of 4 pm EST)
Prana Biotechnology (NASDAQ: PRAN)
shares plummeted 72% to $2.80 on more than 23.4 million shares traded Monday as
the Australian drug developer said Alzheimer’s patients taking its
treatment, PBT2, did not have a statistically significant reduction in levels
of brain plaque compared with those who took a placebo, according to early
results from a mid-stage study.
As well,
shares of Biofuel Energy (NASDAQ: BIOF)
shares powered 133% higher to $7.30 on volume of more than 17.9 million shares
after the company received a proposal from Greenlight Capital, which
suggested it acquire equity in real-estate developer JBGL
Capital and JBGL Builder Finance for $275 million, payable in cash
and stock. BioFuel’s board responded by saying it will establish a special
committee of independent directors to evaluate the proposal.
MagneGas Corporation (NASDAQ: MNGA),
meanwhile, announced it has signed an expanded joint venture agreement with
technology partner Future Energy Pty Ltd. of Australia. Under the terms of
the agreement, both parties will own 50% of a new company formed for the
purpose of developing, licensing and commercializing new intellectual property
for co-combustion of MagneGas fuels with hydrocarbon fuels to reduce emissions
and increase energy. MagneGas stock popped 20% to $1.62.
Finally,
Energous (NASDAQ: WATT)
shares continued to move higher Monday, up 39% to $14.75. On Friday, the
company’s first day of trading, its stock price soared 76.33% to close at
$10.58. Energous is developing WattUp, a wire-free charging technology that
would allow users to freely walk around with and use their mobile devices
rather than have to leave them on a pad or other station to charge.
