Paragon Shipping Inc. PRGN shares were trading higher by $1.58 (560 percent) at $1.84 in Thursday's session. The supposed catalyst for the rally are updates on newbuilding contracts (with a Chinese company), debt obligations and the filing of a lawsuit against Tradewinds.
Buyer beware on this one, as the issue staged an identical rally back in early March from $1.14 to $4.66 on similar news. However, the rally failed to have any follow through and was back at the $0.40 area within a month and traded as low as $0.20 in Wednesday's session.
So far, it has reached $2.66 but has not been able to hold on to the gains and is now back under $2.
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