Interpore Shares Up 29% After Analysts’ TV Kudos
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IRVINE — Shares of Interpore International surged 29% Thursday after the Irvine biotechnology company drew praise from analysts during a CNBC broadcast.
“We love Interpore International,” David Alger, chief investment officer of Fred Alger Management, told CNBC Thursday. “They’ve come up with artificial bone material for use in surgery,” Alger said, adding that he believes the company is going to grow rapidly.
The biotechnology company makes synthetic bone material, known as Pro Osteon, from sea coral.
Robin Young, an analyst at Stephens Inc., said he has been recommending the company for weeks because of the technology.
The stock rose $2.44 a share to $10.81 in heavy trading on the Nasdaq market. Volume totaled 1.8 million shares, compared with average daily volume of 90,200 shares. Earlier in the session, the stock set a 52-week high of $11.38. The previous high of $9 was set Tuesday.
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