Stock News : Cardica, Inc (NASDAQ: CRDC) surged post results

Stock price of pharmaceutical company Cardica, Inc (NASDAQ: CRDC) surged by 51.81% or 86 cents after reporting better than expected results and announcing a deal with Intuitive Surgical Inc. The investors are running after stock and this action helped the stock price to zoom up to $2.45 in the morning trade. The stock touched an intraday high of $2.44 and an intraday low of $2.21 since the opening bell. The stock is trading with a volume of 0.2 million shares compared to an average volume of 40,000 shares on the exchange. The stock whose market capitalization is of $57.58 million has tested an upside of $2.85 and a downside of $1 in last one year of trade. The stock is currently above its 50-day moving average and its 200-day moving average of $1.96 and $1.72 respectively. The stock is having a Price/Book Value of 4.26 and an enterprise value of $37.86 million.

Subscribe to daily free stock newsletter by visiting:  http://www.PennyStockPickReport.com

Last night, before the closing bell the company declared its results for the fourth quarter and year ended on June 30, 2010. In the fourth quarter company reported a loss of $3.1 million or 13 cents per share compared to loss of $3.5 million or 22 cent per share in the same quarter last year while the analyst were expecting the loss of 13 cents per shares. The revenue of the company stood at $991,000 compared to revenue of $2 million in the same quarter previous year. The reason behind the loss of revenue was due to decrease in the sales force by the company. Although, there was considerable amount of reduction in the company’s expenses which fall from $5.5 million to $4.1 million.

The company also released the full year financial results by reducing the loss to $10.9 million or 50 cents per share compared to a loss of $17.2 million or $1.09 per share in the fiscal year 2009. However, the revenue fell from $9 million to $4 million in the current fiscal year. The company also informed its investors that they are entering into a deal with Intuitive Surgical for a worldwide exclusive license to its intellectual property in the field of robotic surgery. The deal is estimated to be of $12 million which Intuitive Surgical has paid to the company for a equity investment and royalty of the license.

Cardica, Inc (NASDAQ: CRDC) manufactures and distribute systems used by surgeon to perform coronary bypass surgery.

About http://www.PennyStockPickReport.com

Penny Stock Pick Report offers stock news on OTC, PINKSHEETS ,OTCBB, AMEX, NASDAQ and NYSE stock exchange. Our subscribers receive daily up to date stock information on hot stocks, most active movers, top gainers, penny stocks and much more. If you wish to feature your organization on our website then you can contact us at the email given below.