Antenna developer Airgain (AIRG) soared Monday for the second straight trading day following its third-quarter earnings results late Thursday that beat estimates.
Airgain stock spiked 27.5% to 19.45, hitting a record high on the stock market today. On Friday, Airgain climbed 7%. The San Diego-based company recently made its initial public offering without much fanfare. It raised $12 million by offering 1.5 million shares at 8, which is where the stock ended on its first day of trading on Aug 12.
After the close Thursday, Airgain reported earnings per share minus items of 16 cents, smashing the consensus estimate of a 1-cent loss. Revenue rose 87% from the year-earlier quarter to $12.4 million, vs. estimates of $9.65 million.
Airgain is a leading provider of embedded antenna technologies, including Wi-Fi, used to enable high-performance wireless networking across a range of home, enterprise and industrial devices.
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In other IPO news, coverage was initiated on Crispr Therapeutics (CRSP), a leading gene-editing company. It came public on Oct. 19. Piper Jaffray initiated coverage with an overweight rating and price target of 21. Barclays initiated coverage with an overweight rating and price target of 22, while Guggenheim gave it a buy rating and price target of 30.
Crispr has collaboration agreements with Vertex Pharmaceuticals (VRTX) and Bayer (BAYRY). Crispr says it’s focused on “the development of transformative gene-based medicines for serious diseases,” using its proprietary gene-editing platform.
Crispr stock rose 0.6% to 17.60. Crispr priced its IPO at 14.
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