The trading value of shares in little Safeguard Scientifics, the Wayne company that invests in small bio and tech companies, has risen 50% on the New York Stock Exchange over the past difficult year. A stake in the company is now worth about what it was in 2007.
Safeguard's price is up a lot more, thanks to today's 6-for-1 reverse stock split, which drove Safeguard shares above $10 for the first time since 2003, at the tail end of the dot.com collapse.
Yesterday, Safeguard raised $53 million by selling some of its stock in California-based cancer fighter Clarient at $3.50/share. Its remaining Clarient stake is worth roughly half of Safeguard's market value, down from two-thirds before the sale, which is good, according to today's report to clients by analysts William Sutherland and Bill DiTullio at Boenning and Scattergood.
They figure Safeguard's net asset value at around $13 a share - a premium on today's trading price - and they're telling clients it ought to go to $18, "based on the net realizable value of portfolio companies" - the stuff Safeguard owns - discounted back an average of 3 years." That includes a hopeful $1 premium for Safeguard's remaining Clarient stock.
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