My Take: CMA is starting to look like a great value with a 3.84 P/E and a great dividend, but the regional banking sector has become very unpredictable and treacherous. Be cautious if you're going to make a move here.
PacWest Bancorp [PACW] - Last Close: $5.76
PacWest Bancorp is extending its recent rally in today's premarket.
The tiny regional bank exploded for 81.7% on Friday following reports that the FDIC was considering loosening some rules in order to support smaller banks.
Late Friday, PacWest announced it would cut its quarterly dividend to $0.01 per share from $0.25 per share to bolster its balance sheet.
The new dividend will be payable to stockholders of record on May 15th.
The market is having a surprisingly positive reaction to the news. PACW is up 38.5% in early premarket trading.
My Take: There could be a short squeeze in play here. PACW has a 17.8% short ratio as of April 14th, and one can only imagine that it has become even more shorted over the past 3-plus weeks.
Immuron [IMRN] - Last Close: $1.87
Immuron is getting a big boost from a pivotal regulatory decision.
This morning, the drug firm announced the US Food & Drug Administration lifted a clinical hold on its new campylobacter ETEC therapeutic.
The decision clears the way for Immuron to proceed with evaluating the new oral therapeutic efficacy, and the firm is planning two Phase 2 trials.
One will examine the drug's efficacy as a treatment for infectious diarrhea cause by ETC, and the other will focus on preventing campylobacteriosis.
IMRN is up 65.7% on news of the FDA green light.
My Take: IMRN has been trading sideways for months, but today's news could be the boost it needs to enter a new trading range.
Bellicum Pharmaceuticals [BLCM] - Last Close: $0.40
A recent regulatory filing is boosting shares of Bellicum Pharma.
Late Friday, a Form SC 13D filing with the SEC revealed Baker Bros. Advisors has amassed a 19.99% active stake in the micro-cap pharma firm.
Altogether, the firm's position includes about 2.197 million shares of BLCM common stock.
Neither company has commented publicly on the newly-disclosed position, but the filing is lifting share prices ahead of Monday's open.
BLCM is this morning's top premarket stock with a 76.5% gain on active trading volume.
My Take:BLCM is scheduled to report its Q1 earnings report on May 10th, and Baker Bros. makes this move out of nowhere. Do they know something the market doesn't? Hard to say, but I suspect this stock could be volatile this week.
