NEW YORK, NY / ACCESSWIRE / July 27, 2018 / Biostar shares saw a rebound on Thursday, closing the day up over 27% after falling on Wednesday when Wall Street learned the company had received a delisting notification letter from NASDAQ. Shares of ABIOMED saw a big drop after reporting first quarter results that revealed an adjusted EPS that came in below estimates.
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Biostar Pharmaceuticals, Inc.
Biostar Pharmaceuticals, Inc. shares closed up 27.07% on about 6.5 million shares traded yesterday. Average trading volume for the stock is just under 140,000 shares. Earlier this week the PRC-based manufacturer and marketer of pharmaceutical and health supplement products in China, announced today that on July 19, it had received a notification letter from Nasdaq Listing Qualifications, advising the Company that following review of the Company's plan of compliance, the Nasdaq staff determined to delist the Company's common stock from the Nasdaq Capital market. The delisting would be effective at the opening of business on July 30, 2018 unless the Company requests an appeal of the delisting determination. Biostar said it plans to appeal the Nasdaq delisting determination by requesting a hearing before a Nasdaq listing qualifications panel.
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ABIOMED, Inc. shares closed down almost 11% on Thursday with nearly 2 million shares traded. The stock sank after the medical-device company reported fiscal 2019 first quarter results before the bell rang. Revenue at $180 million was a gain of 36% YOY while earnings per share of $1.95 was an increase of 138% compared to the year ago quarter. While the results looked great, $1.17 of the company's EPS came from excess tax benefits that were related to employee share-based compensation awards. With this adjustment, EPS was just 78 cents while analysts had expected 82 cents. The company also updated revenue guidance for 2019 and increased the lower end of its range by $15 million to full year revenue in the range of $755 and $770 million. The company, which provides heart recovery and support technologies, also announced that the Impella 2.5®, Impella CP® and Impella 5.0® heart pumps received Central Drugs Standard Control Organization (CDSCO) approval in India for use during high-risk percutaneous coronary intervention (PCI), cardiogenic shock, and other reduced left ventricular function conditions. CEO and President, Michael R. Minogue, remarked, "Abiomed is committed to expanding access to our heart recovery products around the world. We are moving forward to establish Heart Recovery Programs in India, starting with limited centers of excellence in New Delhi and Jaipur."
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