Crazy Stock Move Of The Day - Biostar Phamaceuticlas
Biostar Pharmaceuticals (NASDAQ: BSPM) shares are trading higher $2.80 at $4.17 in Wednesday’s session. At the time, no catalyst has been identified to account for the 200 percent plus price appreciation.
Most likely it is just another case of scanners at hedge funds and HFT firms picking up on a spike in volume along with move higher in price and piling into the issue,
In this instance, the issue traded only 6374 shares on Tuesday and has traded over 10k in one of its last eight sessions. Following a delayed open, it opened a penny above Tuesday’s close ($1.37), but once the volume swelled to nearly 100k (exceeding all of the volume in the issue since May 16), the issue went into motion.
The ensuing rally, for no particular reason took the issue all the way to $5.98 before falling back to the $4 area. That high was just shy of a trio of highs at the $7 level from early July 2015.
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