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Los Angelas, CA -- (SBWIRE) -- 09/26/2012 -- PennantPark Inves (NasdaqNM:PNNT) are trading at $10.55 and is -3.33% from its 50-day Moving Average price of $10.9131 and +1.03% from its 200-day Moving Average price of $10.4428. The average trading volume is 530494. PennantPark Investment Corporation (PNNT) shares have been in a solid uptrend, rising from about $10 in June to a recent high of $11.41. However, the stock has dropped in recent days after the company announced a secondary stock offering. PennantPark has agreed to sell 9 million shares at $10.82 per share and it will use the proceeds to reduce debt, fund new investments, and for general corporate or strategic purposes. Secondary offerings often cause a stock to drop in value, but in recent months the decline has often been just temporary in nature, especially when the stock pays a strong dividend yield.
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Merrimack Pharmac (NGM:MACK) are trading at $9.09 and is +12.46% from its 50-day Moving Average price of $8.0826 and +21.73% from its 200-day Moving Average price of $7.4672. The average trading volume is 238905 shares and its market capitalization is $851.9M. Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) is down 19.56% today at $8.80. MACK has traded 2.7 million shares so far today, way above its average of 124 thousand shares. MACK shares gapped down this morning and hit an intraday low of $8.58 before bouncing slightly. The company has a market cap of 825.19 million.
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Shares of Odyssey Marine Ex (NCM:OMEX) are trading at $3.305 and is -11.32% from its 50-day Moving Average price of $3.7269 and -1.72% from its 200-day Moving Average price of $3.363. The average trading volume is 732688 shares and its market capitalization is $244.3M. Odyssey Marine Exploration Inc. (NASDAQ:OMEX) is down 17.89% today at $3.03. OMEX has traded 3.3 million shares so far today, well above its daily average of 658 thousand shares. Odyssey Marine Exploration’s stock is taking a hit today after delaying the retrieving of millions of ounces of silver from two shipwrecks in the Atlantic. Poor weather conditions has caused the company to delay retrieval till next spring. The company has a market cap of 224.69 million.
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Emerald Oil, Inc. (AMEX:EOX) are trading at $0.80 and is -30.97% from its 50-day Moving Average price of $1.1589 and -55.66% from its 200-day Moving Average price of $1.8042. The average trading volume is 652391 shares and its market capitalization is $56.1M. Emerald Oil Inc(NYSEAMEX:EOX) shares dropped 6.18% to $0.835 after the company announced that it has priced a public offering of 93,750,000 shares of common stock to the public at $0.80 per share. The gross proceeds to Emerald from the offering are expected to be $75.0 million, and the net proceeds are expected to be approximately $69.1 million, after deducting underwriting discounts and commissions and other estimated offering expenses. Emerald expects to close the sale of the shares of common stock on September 28, 2012, subject to customary closing conditions.
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