Vermillion, Inc. (NASDAQ: VRML)
Vermillion looked like it was going to have a relatively normal day in the market today. When the trading session started, the stock was trading slightly in the green. For most of the morning, the movement was relatively flat. However, minutes ago, things went form normal to exciting in no time flat as the stock started to soar. Below, we’ll talk about what we’re seeing from VRML, why, and what we’ll be watching for ahead.
What We’re Seeing From VRML
As mentioned above, Vermillion didn’t look like it was going to have the most amazing of days in the market today. In fact, early on, while the stock was in the green, the movement was incredibly flat. Nonetheless, that changed in a big way as the stock started to spike minutes ago. Currently (10:41), VRML is trading at $1.51 per share after a gain of $0.12 per share or 8.63% thus far today.
Why The Stock Is Spiking
As is almost always the case, our friends at Trade Ideas sent us the alert that VRML was making a run for the top first. As soon as they did, the CNA Finance team started digging to see what was causing the movement. It didn’t take long to dig up the dirt. At the end of the day, the gains are the result of a fund raise that proved to go overwhelmingly well.
Recently, Vermillion announced that it was in the process of raising $5.6 million. To do so, the company sold shares at a price of $1.40 each. The sale also came with warrants at $1.80. While fund raising is somewhat concerning to investors, this time around, the company demanded the right price, leading to investor excitement.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on VRML. In particular, we’ll be digging deeper into the fund raising deal and details with regard to what the company plans to do with the funds that were raised. Nonetheless, we’ll keep a close eye on the news and bring it to you as it breaks!
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