ShangPharma Bumps Stock Price 28% Higher with Share Buyback

ShangPharma, a CRO that listed on the NYSE in late 2010, announced a share buyback program that may repurchase as much as $10 million of the company's stock over the next two years. The initiative was apparently made to support the company’s stock price, which dropped from $15 in the IPO to yesterday’s close of $7.70, a 49% haircut. Although buybacks often have little effect, ShangPharma’s ploy worked like magic: the company’s shares rose 28% by mid-session today, climbing $2.17 to $9.87. More details.... Stock Symbol: (NYSE: SHP)     Share this with colleagues: