Cadence Pharmaceuticals: There was unusual price and volume action last week in the stock. The stock closed at $6.65 on Friday, May 31, and traded 196,900 shares. On Monday, June 3, the stock traded 1,161,100 shares and closed at $7.66 and on Tuesday, June 4, traded 1,398,700 shares and closed at $8.09. Cadence normally trades about 350,000 shares per day. Trading volume declined to more normal levels on Thursday and Friday and the stock closed the week at $7.43.
I was unable to find a reason or even a rumor to explain the trading action on Monday and Tuesday. My immediate thought was that perhaps a patent settlement had been reached with Exela, but there was no subsequent press release. Also, management remained silent on the stock behavior. Consequently, I can't explain the trading.