Those who monitor the stock movement of Virogen Inc (PINK:VRNI) have probably noticed that VRNI share price jumped up sharply after 11 a.m. yesterday.
In the early hours of the session the stock kept moving flat with hardly any trading orders appearing on the horizon. However, after the mentioned hour both share price and volume surged up and in a matter of hours the value of VRNI shares increased from $0.085 to $0.095.
Eventually the stock finished at $0.0905 or 6.47% higher than the previous close. The generated volume exceeded 980 thousand shares which is more than 10 times higher than the daily average.
It should also be pointed out that the official FINRA statistics show 
that yesterday 682 thousand VRNI shares were exchanged in short transactions. In other words on the last session the short volume had reached 73%.
Most importantly the reason for the stock surge turns out to be the influence of a paid one-day investor relations program that was led by Research Driven Investor. The first letter of the promoter was issued at 11 a.m. Which is exactly when the stock surge occurred.
The details about the promotion show that the campaign was sponsored by a non-affiliated third party BBC Inc. who had paid $45 thousand to Research Driven Investor. The promoter kept issuing newsletters on VRNI after the closing bell as well.
