Last Friday Oramed Pharmaceuticals, Inc. (OTC:ORMP) traded close or below recent closing levels, until short before the closing the price took a sharp swing up.
About 15 thousand shares traded very close to the end of the session gave ORMP a close at $0.34 per share – up 13.33%, but after hours trading brought it back down to $0.322.
The volume for the session reached approximately 201 thousand shares, almost five times the average for ORMP.[BANNER]
There was virtually nothing to account for the high volume as the company didn’t announce anything on Friday or the previous day. The latest news from ORMP was the announcement of an educational lecture in Singapore from Feb. 7.
ORMP is developing an alternative way of delivery for drugs administered by way of injection. The company’s flagship product is an oral insulin capsule, which is currently in trials.
It’s not quite clear what was the reason for Friday’s performance, and it’s not clear whether interest will be present tomorrow. Barring some new development around ORMP, Tuesday may turn out to be a duller day.
