Sep 20, 2012 3:00 AM ET–Given Imaging Ltd. (GIVN), the Israeli maker of pill-sized cameras for diagnosing digestive ailments, surged in New York to trade at the biggest premium to Tel Aviv shares in three weeks after the company submitted trial data for regulatory approval in Japan.
The developer rose 5.4 percent to $14.07 in New York yesterday to trade at a 52-cent premium to its Tel Aviv shares. The Yokneam, Israel-based company led gains in the Bloomberg Israel-US Equity Index (ISRA25BN) of the most traded Israeli companies in the U.S., with the gauge climbing to the highest since May 11. Given climbed 3.8 percent at 9:55 a.m. in Tel Aviv. Ceragon Networks Ltd. (CRNT), the Israeli maker of wireless networking systems, tumbled to the lowest since April 2009 yesterday.
Given said yesterday that it filed the results of a study to Japanese regulators that showed success in 94 percent of the cases for certain polyps. Shares had dropped to a three-year low of $12.69 on Aug. 20 after the company said it won’t submit its pill for general screening approval to the U.S. Food and Drug Administration following the completion of a clinical trial.
“The stock had been completely oversold previously and any good news is great news,” Bryan Brokmeier, an analyst at Maxim Group LLC, said by phone from New York. “Japan is a huge market and any such news is going to result in the shares correcting on the positive side.”
Israel’s benchmark TA-25 Index (TA-25) declined 0.1 percent today. The Bloomberg Israel-U.S. equity gauge rose 0.7 percent yesterday to 85.7, the most since Sept. 6…Read More>>