After closing last week's trade on a high note, Herborium Group, Inc. (PINK:HBRM
, HBRM message board
) exceeded all expectations yesterday when HBRM stock almost doubled its market value by the end of the day.
Coming in at $0.0062, HBRM skyrocketed by $0.003, or 93.75%, easily setting a six-month record and officially getting an 'overbought' status.
An astonishing 143 million shares of common HBRM stock changed hands, the company's third largest turnover for the last six months.
While HBRM's previous surge on Mar. 16 could clearly be attributed to the ambitious PR which popped up on that same day, the huge jump HBRM shares made yesterday has no news to rely on. Nor has the company's stock got involved in paid advertising. The lack of official information suggests that there might be some kind of insider trading going on.
Even if that were the case, however, the game seems unlikely to last long. Technically speaking, HBRM has gathered great momentum - so great that it will inevitably flop as soon as it fails to break the $0.0070 resistance level.
Earlier this month, HBRM reported a 23% revenue increase on an annual basis. On Apr. 6, the company is expected to churn out another bombastic press release to disclose its future expansion plans. Provided that the latter turn out to be relatively easy to implement, HBRM could stand a chance of gaining a higher market value.