Morning Commentary: Profit-taking strikes convertibles of Neurocrine, Blackstone, Ionis

By Rebecca Melvin

New York, Sept. 9 – Convertibles traded quietly early Monday with valuations basically unchanged on the day as U.S. stocks trended to the upside and within striking distance of all-time highs.

There was some profit-taking seen in specific names, however, according to a New York-based market source. Nevertheless, the pricing there looked in line on a dollar-neutral basis as well.

Neurocrine Biosciences Inc.’s 2.25% convertible notes due 2024 were seeing profit-taking with the shares of the San Diego-based biopharmaceutical company up $1.03, or 1%, at $100.01 in the early going.

The 4.375% convertibles of Blackstone Mortgage Trust Inc. were also said to see people trimming, with shares up 22 cents, or 0.6%, at $35.58.

And a third name was Ionis Pharmaceuticals Inc., with shares of that company down $1.00, or 1.6%, at $60.75.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.