Should you buy Blinkx plc, Oxford BioMedica plc and Intelligent Energy Holding plc after today's updates?

Shares in online advertising specialist Blinkx(LSE: BLNX) have soared by 19% today despite it releasing a rather disappointing set of results. In fact, Blinkx's loss widened in the year to the end of March, increasing from $25m in the previous year to over $94m last year. That's despite the third quarter of the year being ahead of expectations, with the fourth quarter being rather subdued due to usual seasonality.

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A key reason for Blinkx's larger loss last year was its restructuring. This included a number of one-off costs such as a goodwill impairment of over $50m, although Blinkx has been able to reduce its annualised operating costs by over $40m. And with it having a debt-free balance sheet and $78m in cash, Blinkx seems to be well-placed to move forward with its wholesale restructuring.

Looking ahead, Blinkx is confident of delivering profitability in the current financial year. If it's able to do so then its share price is likely to rise significantly as investor sentiment will most probably improve dramatically. However, while the company's strategy seems to be sound and core operations now account for over 70% of operations, it may be prudent to await evidence of profitability before piling-in.

Risky but rewarding?

Also rising significantly today are shares in Oxford BioMedica(LSE: OXB). They're up by around 9%, with the gene and cell therapy group announcing details of the appointment of a sole corporate broker today. Of course, Oxford BioMedica's shares have traded higher since the recent release of data from two clinical studies that demonstrated dose-dependent gene expression with the company's LentiVector delivery platform.

Clearly, this is excellent news for the company and investor sentiment has been firmer since its release. And with the company's results showing that it has a sound strategy in terms of broadening its partnerships and investing in its facilities and headcount, Oxford BioMedica could deliver improved share price performance following its 48% decline in the last year. However, with it expected to be lossmaking in each of the next two years and therefore requiring significant amounts of cash, there may be better options available elsewhere for risk-averse investors.

One to watch

Meanwhile, shares in Intelligent Energy(LSE: IEH) have slumped by around 7% after it announced that it has agreed the terms of a £30m gross fundraising through the issue of convertible loan notes. The full amount has been secured from the company's largest shareholder Meditor, with Intelligent Energy permitted to seek additional qualifying investors to subscribe for up to a maximum of £15m of the convertible loan notes.

If Meditor's convertible loan notes are converted then it will give the company a stake of between 58.9% and 72.2% in Intelligent Energy. As such, this will require shareholder approval since it would give rise to certain obligations under the takeover code.

With Intelligent Energy's future relatively uncertain and investor sentiment being rather weak, there seem to be better risk/reward opportunities available elsewhere. Certainly, Intelligent Energy's restructuring could improve the company's long-term outlook, but for now it appears to be a stock to watch rather than buy.

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Peter Stephens has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.