After months of bobbing above its annual low of $0.20, Brainstorm Cell Therapeutics (OTC: BCLI) broke the recent waterline for a gain of a nickel on the heaviest volume seen in over a month. The stock closed the trading session at $0.33, or a 19% move to the upside on the day, and a tad over two million shares exchanged hands in 239 separate transactions.
The day started out quietly, with shares of Brainstorm hovering around its opening price of $0.27 for the first few hours. Just after the lunch hour on the east coast, volume surged along with the price. In the final three hours of trading, the stock had jumped to an intraday high of $0.345 and the number of shares traded amounted to around 1.5 million, or 75% of the day’s volume.
The late activity appeared to be spurred by an interview conducted by an Israeli television station with an individual suffering from Myasthenia Gravis and ALS. The patient reported marked improvement in his speech, walking, appetite, and weight gain following treatment using Brainstorm’s NurOwn cell therapy. The biotechnology company focuses on therapies that rely on a patient’s own bone marrow stem cells for treating neurological diseases like ALS, Parkinsons, Multiple Sclerosis, and spinal cord injuries.
Today, The Stock Garage tweeted about the activity in the stock, and speculated on a short-term upside price target of $0.45.
On June 14, 2012, the company announced it had received a $1.3 million grant from Israel’s Office of Chief Scientist.
A perusal of newsletter sites, such as Stockpromoters.com or Stockreads.com, does not show a strong following at the moment for Brainstorm. News headlines over the last year have been scant.
After reaching its annual high of nearly $0.56 12 months ago, the stock cascaded toward its 52-week low set at the beginning of the year. On two occasions before today’s action, the stock has spiked in price and volume. Both times the apparent breakout faltered and share prices retreated over the course of the following six or seven trading sessions, making the rallies a one-day wonder.
Several questions lurk for traders before Tuesday’s opening bell. Was the headline concerning a patient’s response to a Brainstorm treatment enough to stir further interest in the stock? Will tomorrow and even the next few days see a follow through to the late-afternoon price and volume surge? Or was today just another in a string of one-hit wonders?
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