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CarrotTopOU812on Jan 06, 2011 6:02pm
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hereInNexus Biotechnology Inc., a small research and development company with corporate offices in Chandler and Toronto, has seen its stock trading at extraordinary levels recently, baffling company officials.
In the past two months, more than 44 million shares of the penny stock — about one-third of the total — have been traded on the Toronto Stock Exchange. The company’s stock has been trading near 3 and 4 cents lately, with a 52-week range of 2 cents to 10 cents.
Some days saw more activity than others. For example, 6.6 million shares were traded on Dec. 1 and 3.4 million shares on Dec. 6.
Jeff Morhet, CEO of InNexus, said this type of activity usually accompanies major company news, but he hasn’t announced much except for a $116,760 federal grant to continue development of anti-cancer antibodies.
“This is a very weird event,” he said. “Somebody out there is acquiring the stock.”
Morhet said it might have something to do with a biopharmaceutical company making an informal offer to buy InNexus about two months ago. He said the board does not feel comfortable identifying that company, except to say it is based outside the U.S.
Morhet is the largest shareholder of InNexus, holding 10 percent of the company’s 126 million shares.
“I’ve never sold a share,” he said. “Whenever you have an inordinate amount of shares (trading), something’s up.”
Read more:
InNexus officials baffled by extraordinary trading of penny stock | Phoenix Business Journal