52-Week Low: Wall Street Tells Candela ‘Seeing Is Believing’ (CLZR, PMTI, ELOS)
August 23, 2007 by Douglas A. McIntyreCandela Corp. (NASDAQ:CLZR) is one of the cosmetic/medical laser companies that has seen better times than recent trading, and it showed up in the 52-week low club in a screen today. The company posted a loss earlier this week on shipment delays and even yesterday said it was expanding its share buyback plan to offset this. The 2.3 million shares in total (including the old buyback plan) would represent close to 10% of the stock outstanding. With under $40 million cash and equivalents on the books and posting a net loss, it appears that most feel they won’t be too active of a share buyer.
Perhaps another thing is still hurting Candela: the IPO filing of Reliant Technologies from last week. At $7.75, Candela (CLZR) shares are down 3% on the day, and down about 1% under the $7.81 prior low for the year before today’s trading session. Shares have traded as high as $14.67 over the last year.
Palomar Medical Tech (NASDAQ:PMTI) is only about 10% off of 52-week lows and still nearly off 50% from its yearly highs. Syneron Medical Ltd. (NASDAQ:ELOS) is only about 8% off of its 52-week lows, although it down less in comparison at about -20% off of its yearly highs.
Jon C. Ogg
August 23, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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