Yesterday Accentia Biopharmaceuticals, Inc. (PINK:ABPI, ABPI message board) finished the session with unusually high volume and a significant increase in price.
ABPI closed up 21.52% at $0.48 with the volume reaching nearly 310 thousand shares. It should be noted that the price only went up just before the close; throughout the session ABPI mostly traded around $0.40.
The increased interest in ABPI was probably inspired by the performance of its majority-owned subsidiary Biovest International, Inc. (BVTI). BVTI closed up 20% yesterday, and up 11.11% the day before.
In turn, the market performance of BVTI seems to be due to a press release from Jan. 19. The announcement said BVTI had been granted Small and Medium Sized Enterprise by the European Medicines Agency.
It's definitely good news for ABPI shareholders, but ABPI is still far from turning a profit. Until ABPI and BVTI can show some substantial results high-percentage gains may be hard to sustain.
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