Novogen Limited (NASDAQ: NVGN) Soars 206.6% in Past 1 Month on Volume of 1.77 Million Shares

Novogen Limited (ADR) (NASDAQ:NVGN) is currently trading at $1.51, 39 cents or 34.82% above its previous day close on no significant news of accord. Shares of an Australia-based biotechnology company gained 97 cents or 206.61% in last 1 month trading sessions from $0.54 on Dec 27 to $1.51 in today's trading session with overall volume of 1.77 million shares. The Company recently  announced that they have received notice from NASDAQ advising that it has been granted an additional 180 calendar days, or until 18 July, 2011, to regain compliance in accordance with NASDAQ Rule 5810(c)(3)(A). On Dec 21, the company along with Marshall Edwards, Inc. announced that they have entered into a definitive asset purchase agreement pursuant to which Marshall Edwards will acquire Novogen’s isoflavone-based intellectual property portfolio in exchange for $4 million of convertible preferred stock. Each share of the 1,000 shares of Class A Preferred Stock is convertible into a minimum of 4,827 shares of Marshall Edwards common stock valued at $4 million based on the volume weighted average price over the prior 20 trading days. So far this year, the stock is now down 46.34%. It has a 52-week range of $0.41-$2.75. The stock opened at $1.13 and touched the intraday high of $1.60 and low of $1.12. Volume of 1.14 million shares has traded, compared to its average volume of 71,827 shares. At the current market price, the market capitalization of the stock stands at $29.37 million with beta of 1.93. The company has total outstanding shares of 20.42 million, of which 14.21 million shares are floating. On a technical basis, the stock is trading above its 50-Day Moving Average and 200-Day Moving Average of $0.56 and $0.54 respectively. Novogen Limited is an Australia-based biotechnology company engaged in pharmaceutical research and development, as well as marketing of consumer healthcare products. The Company is primarily involved in the development of prescription drugs based on the isoflavonoid technology platform. Disclaimer: The assembled information distributed by epicstockpicks.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Epicstockpicks.com does expect that investors will buy and sell securities based on information assembled and presented herein. EpicStockPicks.com will not be responsible in any way for or accept any liability for any losses arising from an investor's reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.
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