Biomerica Repurchase
Times Staff and Wire Reports
Biomerica Inc. said its board authorized the repurchase of up to 1% of the outstanding shares of the company’s slumping common stock. The stock will be purchased in the open market over the next year.
The Newport Beach company’s stock on Tuesday sank to a 52-week low of $1.25 a share during the session. Biomerica, which makes medical diagnostic products, said it has no explanation for the decline.
After the repurchase plan was announced Wednesday, the stock rallied to close at $1.88, up 38 cents, or 25%, in heavy trading. Volume totaled 678,100 shares, compared with a daily average of 25,711 shares over the last three months. The company had 3.9 million shares outstanding in October.
