Strong and steady buying all day long with steady progress!
The buying was strong and steady all day long and it finished the day at the high on high volume. We may be getting some play from institutional investors. If institutional interest develops, there are so few shares available that BIOL will rise quickly. Technically, we have had the breakout above the uptrend channel followed by a reversal to the upper line of the same channel and today the bounce up on high volume off the upper line of the uptrend channel. BIOL should now begin its assault on the 200 day moving average which today stands at $2.31. We should get some play around this level.
Strong and steady? On 10/11/12 the stock closed at $2.25, the highest close since May. The stock closed at $1.79 yesterday on a volume of 14,500 shares. Looks like the price and volume are headed in the same direction. Looks like the rash of Kool Aid buyers after the dismal 3Q12 results has petered out.
This was a very good upside move. The previous last sessions seemed to decrease on low volume and I just like to think that its the market makers way of punishing the sellers, or scare people to sell shares at the low side. As they know themselves that they have the intention to push the price upward, especially as a premium to the news that came out recently and future potential.
Nice move up on Friday when the market was tanking. The move up by BIOL was on only 77k shares volume. It has so few shares outstanding that a little increase in volume will drive the shares up quickly. IMHO BIOL is undervalued by the market. It has sales of about $55 to $60 million and a patent protected unique technology addressing a huge market while the market gives it a capitalization of about $65 million. I am hoping that Pinatelli's strategy will drive strong sales which in turn will get the market to revalue BIOL to a more reasonable level. I think BIOL is at a low and has the potential to be at least a 10-bagger. I feel lucky to have found BIOL at such a perfect time in its product cycle and just as it get prepared to drive sales.