Akers Biosciences Inc (NASDAQ: AKER) is making a strong run in the market this morning. However, if you’re looking for news, you’ll be hard pressed. The company hasn’t issued any press releases or filed anything with the SEC.
Nonetheless, there’s always a reason for the gains. Today, we’ll talk about:
- Why AKER stock is running for the top;
- what we’re seeing from the stock; and
- what we’ll be watching for ahead.
Here’s What’s Going On With AKER Stock
As mentioned above, Akers Biosiences is having a strong day in the market today. However, there hasn’t been any news released suggesting that there is a catalyst for today’s gains. Nonetheless, there are a couple of likely reasons that investors and traders are pushing the stock up.
First and foremost, the technical picture looks interesting. After a recent pop, the stock has been trading down for several sessions, reaching a point that many would consider to be support for AKER. This led to buying signals and traders are taking advantage of the opportunity.
Moreover, a recent announcement could be another reason for the excitement. The most recent PR from the company came on November 19, 2018, when it announced that it is evaluating alternatives to maximize shareholder value.
In the release, the company said that it would be evaluating business combinations in the cannabis and related industries. According to the release, members of the board have met with several cannabis companies prior to the issuance of the news.
This is positive news for AKER as the cannabis industry is an emerging one that is expected to see incredible growth. Also, considering that the announcement was several months ago, it’s about time for an update on the process and investors are looking for news to come.
What We’re Seeing From The Stock
While the company has released no news, the prospect of news coming down the line with regard to a cannabis partnership, combined with the stock falling to support, seems to be the reason for the strong gains that we’re seeing today.
As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:35), AKER is trading at $1.20 per share after a gain of $0.31 per share or 34.97% 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 AKER. in particular, we’re interested in following the story surrounding the company’s conversations with cannabis-related companies and excited for an update involving the progress. We’re also keeping an eye on the company’s development of new test assays as well as sales of currently marketed products. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks.
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