In this report: Joy Global (NYSE:JOY), Magal Security Systems (NASDAQ:MAGS) and Cleveland BioLabs (NASDAQ:CBLI)
Joy Global (NYSE:JOY) is trading lower today today despite receiving an upgrade by analysts at KeyBanc. Steve Barger, the analyst behind the move, upped his rating on the mining equipment supplier to ‘Buy’ from ‘Hold’ with a $90 per share price target on the stock. Mr. Barger cited that the company will benefit from the steady production of commodities as demand for raw materials increases. The analyst also said that Joy Globals stock price already reflects concerns over China’s economic slowdown and lower coal production in the U.S. The price target reflects 21 percent premium on Tuesday’s closing price.
Magal Security Systems (NASDAQ:MAGS) shares have soared 31 percent today after the company reported its fourth quarter financials. The company seen net income of $4.3 million, or 27 cents per share during that quarter, up from last years net loss of $1.5 million, or 14 cents per share. Revenue more than doubled to $33.7 million compared to last years result. The company attributed the quarterly performance to strong demand across its geographies. Magal Security Systems currently trades at $5.98 per share.
Cleveland BioLabs (NASDAQ:CBLI) is sitting over 35 percent lower today after the company provided an update on its BARDA development funding process and its meetings with the Food and Drug Administration. The company stated that BARDA has declined to invite the company to submit a full proposal at this time for continued development funding of CBLB502 as a radiation countermeasure. The company also announced that it has continued communications with the FDA with back-to-back scheduled meetings in April regarding animal models and remaining human studies. Cleveland BioLabs currently trades at $1.54 per share.
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