William Plovanic of Canaccord Genuity has reitered his 'buy' rating on shares of BioMimetic Therapeutics following the Franklin company's fourth quarter earnings release yesterday, citing the fact that there were no changes in the company's expeations for the regulatory timeline for approval of Augment for use in foot and ankle fusions.
He also noted that "the distribution strategy and the new VP of sales and marketing show the company's intention to make a big impact in the lower extremity market."
Canaccord has a price target of $17.50 on BioMimetic's shares (Ticker: BMTI). The stock was trading near $13 per share Friday morning, up more than 1.5 percent on the day.
The tide has turned dramatically at Universal Safety Response, the Franklin-based manufacturer of security barriers that sold itself to Smith & Wesson in the summer of 2009. On track to add "substantial ongoing growth" to its parent last summer, the business is now struggling with lower sales, lower margins and government customers who don't have money to spend. Smith & Wesson yesterday told investors it will take a $51 million impairment charge related to USR — on top of the $39.5 million it wrote down three months ago — and change the division's name to play off the mothership's heritage.
SEE ALSO: Smith & Wesson buying Franklin firm in a deal valued at about $80 million
The folks at New Jersey money manager Lord Abbett appear to have decided to cash in their HealthSpring chips. Since the end of 2010, they have trimmed their stake in the local Medicare Advantage insurer by almost 580,000 shares and now own 4.2 percent of the company, down from 5.8 percent last fall. HealthSpring's stock (Ticker: HS) is up almost 40 percent year to date and has more than doubled in the past year, lifting its market cap well north of $2 billion.
Danny King at Daily Finance has the story of Cool Springs Life, a group of high-end financial planners who were looking to make inroads into the entertainment industry. Where to find someone who could open doors and be a credible financial personality? Why, in Detroit Rock City, that's where, in the form of Kiss bassist, entrepreneur and master merchandiser Gene Simmons. Plus, he's always good for a quote.
"I didn't buy my first car until I was 34. . . . I didn't buy my first house until I was 36," Simmons said in an interview with DailyFinance. "Why do you need them when you're always on the road? I lived with my mother until I was about 20. You wanna go out and have some privacy? You go to a hotel."
Learn more about the men behind Cool Springs Life here.
As part of a strategy to "unroll" programs in various U.S. regions, insurance firm Cigna has selected Franklin-based MedSolutions as its nationwide radiology benefits manager. The sizable contract — Cigna is one of the largest for-profit insurance companies in the country — extends the companies' 13-year relationship.
POSTDATA: WARRANTY DEEDS