Biotech company ProCognia (Israel) Ltd. (TASE:PRCG) has no explanation for the volatile trading in its share. On Monday the share soared 50%, despite the fact that the company issued no statements.Yesterday the share even climbed a further 14% in early trading before plunging 45% on the day.
ProCognia president and CEO Alon Natanson told "Globes" that there was no concrete or immediate explanation for the sharp rise, except perhaps an interview he gave to a financial Internet site. He said, "It is possible that the interview caused investors to pay attention to our new activities in glycodynamics and a patent agreement in this area, which we reported several weeks ago. On the other hand, maybe it was simply a matter of the way trading goes."
He added, "We are all the time working on business development but I don't know about any specific deals that have been leaked and could explain the rise."
The share was unchanged in early morning trading at NIS 0.08.
Published by Globes [online], Israel business news - www.globes-online.com - on October 14, 2009
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