Yesterday, after Unigene Laboratories (OTC:UGNE) issued a series of press releases, the trending interest towards the company increased on the market.
This was visible by the fact that UGNE generated a volume of 270 thousand shares, which is 5 times higher than the daily average.
UGNE closed the session 18% higher at $1.04, which is close to an outlined resistance at $1.05. Trading volume was not dominated by short transactions as only 88 thousand shares were part of the short volume for the day as indicated by FINRA.
As it was already mentioned, UGNE surged up due to a couple of press releases which popped up during the day. They were all concerned with the company’s collaboration with Nordic Bioscience.[BANNER]
It became clear that UGNE and Nordic Bioscience had decided to establish a joint development vehicle to advance Unigene’s proprietary peptides through phase 2.
The announcement had a timely effect on the stock as UGNE had just penetrated a support at $0.9 after a series of declines.
Apparently, the announcement had also inspired the promoting circles as in the second half of the session a trade alert from a promoter called Mister X was spread around.
