Organic Agritech Ltd. SEED shares are trading higher by $0.40 (18 percent) at $2.74 in Wednesday's session. That's the good news. The bad news is that the issue traded up to $3.59 in pre-market trading.
That makes the highest level for the issue since it peaked at $3.47 in March 2014.
The catalyst for the spike to that elevated level was the announcement of the sale of its seed production and distribution business for $60 million.
After falling back off the pre-market high, the issue still posted a nearly $1 higher ($3.16 vs. Tuesday's close of $2.33), but went only another $0.03 higher before reversing course. So far, it has continued to make new lows for the session with one standing at $2.72.
In order to fill the void in price from Tuesday's session, it would need to trade down to $2.37 to reach the upper-end of yesterday's range.
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