Savient jumps 14% after earnings report
BOSTON (MarketWatch) -- Shares of Savient Pharmaceuticals SVNT +15.95% jumped 14% to 66 cents a share on Wednesday after the biotech group posted a narrowed second-quarter loss. The stock has risen 8% over the last 30 days but has plunged 70% since the beginning of the year. Earlier this week, Savient adopted a shareholders rights plan to deter a possible hostile takeover by stakeholder Tang Capital Partners. Earlier this year, Tang had asserted that Savient was insolvent. On Wednesday, Savient stated it ended the second quarter with $142.2 million in cash and short-term securities. Savient's revenues largely come from its recently approved gout drug Krystexxa, which had sales of $4 million for the second quarter.
www.marketwatch.com/story/...s-report-2012-08-08?siteid=yhoof2