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Oculus Innovative Sciences Higher Off Sale Of Latin America Unit

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November 1, 2016 10:20 am
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Oculus Innovative Sciences Higher Off Sale Of Latin America Unit

Oculus Innovative Sciences, Inc. (NASDAQ: OCLS) shares are trading higher by $1.00 at $5.00 in Tuesday's session. The catalyst for the rally is the announcement that the company will sell its Latin America business for $19.5 million in cash.

However, there has been some profit-taking in the issue off the news. After a higher open, it rallied another $0.04 to $5.65 before reversing course. That marks the highest level for the issue since it peaked on April 21 at $5.75.

So far, the ensuing decline has found support well ahead of the upper-end of Monday's range ($4.12) as the current low stands at $4.92. The issue is attempting to post its first close over $5.00 since May 16, when it ended the session $5.10.