Response Genetics (RGDX) shares climbed in Monday’s pre-market session, after a late-Friday regulatory filing showed activist investor Becker Drapkin cut its stake last week in the developer of clinical diagnostic tests for cancer.
RGDX was up 8.5% at $1.40 in recent pre-market trading, in a 52-week range of $1.09 to $2.93.
The filing showed Becker Drapkin Management LP now holds 1.3 million shares, or a 3.5% stake in RGDX, down from 2 million shares, or a 5.9% stake, in February. The reduced stake reflects the sale of 675,643 shares between April 3 and April 4.
It also indicated Steven R. Becker now has a stake of 1.5 million, or 4.0%, down from 6.4% in February, while Matthew A. Drapkin reduced his stake to 3.8% from 6.2% in February. Becker and Drapkin are the founders of Becker Drapkin.
Becker Drapkin has a history of working its way onto boards of smaller companies, and the pre-market stock jump Monday indicated relief on the part of investors as the reduced stake made a proxy fight appear less likely.