It is not uncommon for stocks to record considerable gains despite there being no news about the underlying companies. While it may be confounding, investors could consider taking a closer look at the company’s business in order to form an idea.
There was not news about the pharmaceutical company Aytu BioScience (NASDAQ:AYTU) on Monday but the company’s stock was in considerable focus and went up by as much as 10%. The company is focussed on a very niche market and that is helping with the needs of children who suffer from a wide range of paediatric conditions.
At this point in time, the company boasts of a varied portfolio of products which have already been approved by the regulators. In addition to that, the company has also started working on treatment for COVID 19 patients.
In the company’s third quarter ended March 31, 2021, it generated revenues from the consumer health segment of $8.5 million. That was considerably higher than the $3.5 million that it had generated in the prior year period. On the other hand the prescription revenues went to $5.1 million from $4.7 million in the prior year period. Although there is now news, investors could consider checking the news wires for any updates about Aytu.
Market Reaction:
On Monday, AYTU stock jumped by 19% to $5.63 with more than 10.63 million shares, compared to its average volume of 842k shares. The stock has moved within a range of $5.05 – 5.97 after opening the trade at $5.06. Over the past 52-week, the stock has been trading within a range of $4.73 – 17.00.
 Stock Attempts To rebound: How Far Can it Go){kind=link}