Holders and believers can always see reasons for stocks to rise dramatically. A stock that you follow very closely, you most likely know without doubt that it is worth a multiple of what the current price is if the market would just catch on.
Personally, I think the rise is off the bat of the market perception that the cap raise was a success, and that the share price is starting to move up towards fair market value - 1.8 cents would have been a steel even before the rise and fall around April/May.
Keep in mind however that Pattersons may still be trying to sell their underwriting stock, and pushing the price up is a great way to sell off any remaining shares. I don't think this is the case, as the shares were not ratcheted up with multimillion share buy lines as with previous manufactured upswings in SBN - it looked very natural.
Just beware that there is nearly double the amount of shares coming onto the register (more than double if you count the options) at the end of next week - I think there may be some bargains for the patient when that stock becomes available, as there will be plenty that would be happy with a 10% return within a month...
LOL - I own no stock at the moment, but will be getting mine at the end of the week - I hope my disclosure is right?
;-)
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