BioNexus Gene Lab (NASDAQ:BGLC) stock is rising higher on Wednesday despite a lack of news concerning the chemical raw material company.
There haven’t been any new press releases that explain why BGLC stock is up today. The company also hasn’t made any filings with the Securities and Exchange Commission (SEC) that would result in today’s rally. Likewise, there’s no new analyst coverage that would cause shares of BioNexus Gene Lab stock to rise this morning.
Even so, shares of BGLC stock are on the rise with heavy trading of the company’s shares. As of this writing, more than 3.5 million shares of BGLC have changed hands. For the record, the company’s daily average trading volume is below that at around 2.2 million shares.
One thing investors will want to keep in mind about BGLC is its penny stock status. That comes from its prior closing price of $1.38 per share and BioNexus Gene Lab’s market capitalization of $24.424 million.
Why That Matters To BGLC Stock
When a penny stock sees extreme movement with no news, that’s a red flag for investors. It’s a sign that retail and day traders are likely behind the rally. That means investors will possibly see BGLC stock fall again once this interest in the stock fades.
BGLC stock is up 33.3% as of Wednesday morning but is down 88.5% year-to-date as of Tuesday’s close.
Investors seeking out even more of the most recent stock market news will want to keep reading!
We’ve got all of the latest stock market news that traders need to know about on Wednesday! That includes the biggest pre-market stock movers this morning, the latest news for VinFast (NASDAQ:VFS) stock, and more. All of that info is ready to go at the links below!
More Wednesday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed