Ever since Feb. 22, the price of Biomoda, Inc. (OTC:BMOD) stock has been climbing steeply up the chart. Over the course of one month, BMOD has gained nearly 284% to its value on a progressively increasing trading volume.
The eruption of BMOD stock started when the company announced it had completed patient enrollment and sample collection for the pilot study of its cancer detection method called the CyPath assay. On Mar. 15, Maria Zannes, CEO of BMOD, announced the completion of the clinical study and said the company would focus on optimizing the assay. The results from the pilot study would be released by the end of March, said Ms. Zannes.[BANNER]
The released news resonated well with BMOD stock, which grabbed the wave of investors’ high spirits and managed to leave the high-volume penny stock area. The trading excitement peaked yesterday, when the stock reached a six-month record volume of around 1.3 million. Meanwhile, BMOD shares reached a price of $0.269. Around 56% of the traded shares this Monday were sold short, according to the FINRA website.
The outstanding performance of BMOD seems to be sustained by its dedication to keeping investors and shareholders updated on every single development of the company. However, the further the stock goes up, the more fundamental support it will need to sustain its value.
