RDI Initiates Coverage on:
Globalstar, Inc.
https://ub.rdinvesting.com/news/?ticker=GSAT
Endocyte, Inc.
https://ub.rdinvesting.com/news/?ticker=ECYT
Globalstar's shares spiked 19.90 percent to close at $2.29 a share on Friday. The stock traded between $1.90 and $2.59 on volume of 43.77 million shares traded. On Friday, Bloomberg reported the company is "working with financial advisers on a potential sale," citing people familiar with the matter. Current ongoing bidding war for its competitor Straight Path could also have an impact on Globalstar shares, noted Bloomberg. Globalstar reported total revenues were $24.65 million for the first quarter of 2017, compared to $21.84 million in the same quarter a year ago. Net loss was $20.2 million for the first quarter of 2017, down from a net loss of $26.95 million in the first quarter of 2016. Shares of Globalstar have gained approximately 44.94 percent year-to-date.
Jay Monroe, Chairman and Chief Executive Officer of Globalstar, commented, "In March 2017, our SPOT business reached a significant milestone, enabling the 5,000th rescue since its launch in 2007. SPOT is currently being used by customers to initiate approximately two rescues per day, proving how essential our technology is to saving lives. Our core operations also produced meaningful financial growth with a 13% increase in total revenue as we continue to improve ARPU across all of our major types of revenue."
Access RDI's Globalstar Research Report at:
https://ub.rdinvesting.com/news/?ticker=GSAT
Endocyte shares surged 15.54 percent to close at $2.90 a share on Friday. The stock traded between $2.50 and $2.93 on volume of 1.37 million shares traded. The company reported a net loss of $11.5 million for the first quarter of 2017, compared to a net loss of $10.2 million for the same quarter in 2016. Cash, cash equivalents and investments were $127.6 million at March 31, 2017, compared to $163.3 million at March 31, 2016, and $138.2 million at December 31, 2016. Shares of Endocyte have gained approximately 13.73 percent year-to-date.
"We look forward to providing safety and efficacy updates for our clinical trials of both EC1169 and EC1456 at the Annual Meeting of the American Society of Clinical Oncology (ASCO) next month," said Mike Sherman, president and CEO at Endocyte. "In addition, we continue to discover compelling applications of the SMDC platform and are working to more rapidly bring assets toward clinical development in several exciting areas, to drive more value from our pipeline."
Access RDI's Endocyte
Research Report at:
https://ub.rdinvesting.com/news/?ticker=ECYT
Our Actionable Research on Globalstar, Inc. (NYSE MKT: GSAT) and Endocyte, Inc. (NASDAQ: ECYT) can be downloaded free of charge at Research Driven Investing.
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SOURCE: RDInvesting.com