NEW YORK (GenomeWeb News) – With a boost from its deal to be acquired by Laboratory Corporation of America, shares of Monogram Biosciences rose 122 percent during the month of June, making it the top gainer among the stocks that comprise the GenomeWeb Daily News Index.
Monogram's performance was by far the best among the 27 shares that rose in value during June. Only nine of the stocks in the Index fell during the month.
The deal, which was announced last week, calls for LabCorp to acquire all of the outstanding shares of Monogram in a cash offer of $4.55 per share for a total equity value of $106.7 million. The acquisition price represents a significant premium over Monogram's closing price of $1.68 the day before on the Nasdaq. Monogram's shares finished the month at $4.53.
Two other firms had sharp increases for their stock prices during the month — Compugen rose 83 percent and Bruker closed the month up 42 percent.
Shares of Accelr8 had the largest decline for the month, dropping 27 percent, despite a lack of news for the firm. CombiMatrix (-13 percent) and Helicos BioSciences (-12 percent) had the next-largest drops for the month.
Overall, the GWDN Index increased 6 percent in June. In comparison, the Dow Jones Industrial Average was down nearly 1 percent. Tech stocks did better than the Dow, with the Nasdaq up 3 percent and the Nasdaq Biotech Index rising 7 percent.