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Verenium Corp. Daily Guru Stock Winner up Almost 10%

March 29, 2012 | About:
Holly LaFon

Holly LaFon

261 followers
After issuing guidance below analysts’ estimates on March 5, Verenium Corporation (VRNM)’s stock fell approximately 60 cents by March 9 and remained relatively flat. From March 23 to date, it has jumped from $3.08 to $4.05 per share, including an almost 10% increase today — the biggest increase of guru-owned stocks. Jean-Marie Eveillard is the only guru tracked by GuruFocus who holds the stock in his portfolio. He owns just 337 shares which he purchased in the second quarter 2011 at an average price of $2.36.

Verenium is a bioscience company that uses bacteria and fungi to create industrial enzyme solutions. The rise in its stock in the last week had to do with a major recent transaction. Verenium sold its oilseed processing business, and granted enzyme licenses and access to gene libraries, to Royal DSM for $37 million.

"We are pleased to have secured this capital without issuing new shares, and believe we have positioned ourselves to create value for shareholders. As a result of this transaction, we are able to retire our remaining debt and create a capital structure appropriate for our business. We are now better positioned to invest in our current commercial products and pipeline and focus on driving long term value,” Jeff Black, chief financial officer at Verenium, said in a statement.



VRNM Interactive Chart


Rating: 2.8/5 (8 votes)

Comments

tonysf
Tonysf - 2 years ago
Well, Jean-Marie has only 337 shares.

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