Yesterday, Unigene Laboratories (OTC:UGNE) went through a deep decline which was also marked by a heavy volume.
Specifically speaking, the share value of UGNE stock dropped down 18.99% to $0.721 after hitting an intraday low at $0.63.
The total number of UGNE shares traded for the day exceeded 400 thousand, which is six times higher than the daily average.
According to FINRA, 89 thousand shares were exchanged in short transactions. In other words, the short volume generated yesterday was below 22% of the total trading volume.
Yesterday, UGNE announced that the company had terminated its amended and 
restated exclusive worldwide license agreement and related development services and clinical supply agreement with Glaxo Smith Kline concerning an oral formulations of a recombinantly produced parathyroid hormone analog for the treatment of osteoporosis.
Apparently, the news had a strong effect on the market which is shown by UGNE’s daily quote. The apprehension of investors was reflected by a huge red candle on the chart.
