Biostar Pharmaceuticals, Inc. (NASDAQ: BSPM) is having an overwhelmingly strong day in the market today, and for good reason. The company announced that it has renewed its GMP certificate. Of course, this led to excitement among investors, sending the stock screaming for the top. Today, we’ll talk about the news, what we’re seeing from BSPM, and what we’ll be watching for ahead.
BSPM Announces GMP Certificate Renewal
As mentioned above, Biostar Pharmaceuticals is having an incredibly strong day in the market today after announcing that it has renewed a GMP certificate. In a press release issued early this morning, the company announced that its variable interest entity in China, Shaanxi Aoxing Pharmaceutical Co., Ltd., has renewed its Good Manufacturing Practices, or GMP, certificate and Pharmaceutical Production License. The renewed GMP certificate is evidence of compliance with pharmaceutical production regulations and was dated January 31, 2018. In a statement, Mr. Wang Ronghua, Chairman of BSPM, had the following to offer:
The Company is pleased to have completed the GMP certification inspection and approvals process. We expect that the GMP certification renewal will allow us to resume our production in the coming months as the Company makes preparations to carry on with the implementation of its business plan and growth objectives.
What We’re Seeing From The Stock
As investors, one of the first lessons that we learn is that the news moves the market. In this particular case, the news proved to be overwhelmingly positive, leading to excitement among investors and strong gains in the value of Biostar Pharmaceuticals shares. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (11:27), BSPM is trading at $3.71 per share after a gain of $0.35 per share or 10.47% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on BSPM. In particular, we’re interested in following the continued progress with regard to its strong pipeline. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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