One of the best performers on the OTC yesterday was PositiveID Corp. (OTC:PSID). The frantic buying was caused by a press release by PSID.
The company announced its iglucose system had been cleared by the FDA. The news spurred some frantic buying which led to a 46.84% increase in price and a volume which the stock hadn’t seen in nearly a year – nearly 3.7 million shares.[BANNER]
Just the day before, PSID issued another press release with the highlights of Q3. In it, PSID stated the company expected the clearance before year-end. PSID also said the clearance of iglucose would represent the company’s second FDA cleared product.
The market reaction to the news of the actual clearance was not unexpected. PSID hasn’t been doing all that well financially, and the possibility of revenues is exciting for shareholders and traders.
The approval doesn’t guarantee PSID will get back to revenue levels from the time when the company went by the name of VeriChip Corporation (which didn’t end very well), but it is a light at the end of the tunnel.
