Biocompatibles International PLC (LSE: BII) reported that three institutional advised the group that they have increased their respective holdings in it.
Trusts and funds managed by Aberforth Partners LLP have increased their collective position in Biocompatibles stock to 5,503,242 shares from 5,495,142, and now hold 14.02 of the capital.
The number of shares held by Invesco Ltd on behalf of the Bank of New York and JP Morgan Chase has increased to 9,705,415 from 8,469,335 shares, or a 24.72 percent stake. The Bank of New York is, via Invesco, interested in 9,075,900 Biocompatibles shares, and JP Morgan Chase in 629,515.
Finally, Perpetual Income & Growth Trust has increased its holding on behalf of Bank of New York to 1,380,353 Biocompatibles shares, lifting its position above the 3 percent notifiable interest threshold to a 3.51 percent stake.
The strong interim results released by the medical technology company in late August prompted broker Edison Investment Research in mid-September to retain its bullish stance on the stock, maintaining a target price at 390 pence per share. Biocompatibles increased sales by 54% in the first half, beating expectations as oncology-related products sales hiked to £10.1 million, while the group posted a loss of £0.86 million.
The strong performance in H1 led Biocompatibles to up sales guidance for the full year to £24-26 million from £22-24 million and cash guidance to £28 million from £27 million.
The company said in August its key products had good momentum and the board expected those trends to continue into the second half and 2010.