The market is taking it on the chin this morning. News out out of China and Europe is rattling the market. The past few weeks, the drifting of the market has set up days like this. With no direction higher, gravity inevitably takes over. We are seeing that today with the Dow shedding 150 points. Penny stock volatility of course remains the same with a new pump and a new promoter entering the fray with a spectacular failure.
Penny Stocks to Watch
BIOFLAMEX Corp. (OTC:BFLX) is the new pump hitting the Internet today. Riding multiple newsletters the stock jumped 178% on explosive volume. Remains to be seen whether or not the sustainability is there for a long-term pump. News out of BFLX yesterday talked about negotiations with Asian partners, but the move today is wholly attributable to the newsletter push.
The big news in the penny stock world has to be the failed pump from Timothy Sykes. ITRACKR Systems Inc (OTC:IRYS) has been getting pummeled for 2 days straight after hitting a high of approximately 80 cents. The internet company did announce a funding commitment today, but it is still unable to find a solid floor. Currently IRYS is down 20% on quadruple its 3-month average volume. Supposedly there are hard mailers to come, but at this point it is like watching a train wreck.
Vermillion, Inc. (NASDAQ:VRML) is up 40.61% this morning at $1.8701. VRML has traded 1.5 million shares so far today, well above its daily average of 117 thousand shares. VRML shares are rallying today after the company received Category 1 CPT code approval for OVA1.
XOMA Corporation (NASDAQ:XOMA) is up 28.97% today at $1.87. XOMA has traded 5.9 million shares so far today, more than 10 times its average volume. XOMA announced a public offering of 29.7 million shares at $1.32. The company has said it will use this stock offering to pay for clinical trials and layoff costs. The company has a market cap of 64.90 million.
Alimera Sciences Inc (NASDAQ:ALIM) is whipsawing in intra-day trading. Currently down 1.6%, the stock was up earlier in the trading day. ALIM has traded 710 thousand shares so far as it looks to find some direction in the market. Recent news out of ALIM has them slated to present at the 32nd Annual Cowen & Company Health Care Conference. There the company will give a speech on their research, development and commercialization of prescription ophthalmic pharmaceuticals.
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