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Health and Healthcare

Australian Biotech Progen Industries Jumps 100%

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By Douglas A. McIntyre Published
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From BioHealth Investor

Shares of Progen Industries (PGLA) of Australia skyrocketed more than 100% on Wednesday, ending trading at $6.48 a share. The stock price had hit an intraday high of $8.74, a substantial 52-week high considering the previous high was $3.93!

This was due to a company announcement stating that the FDA had cleared the company to initiate a phase III trial for its anticancer candidate PI-88.

But what was also very encouraging was the approval by the FDA to allow the company to manufacture PI-88 in-house, saving Progen as much as $7.8 millioun Australian dollars in outsourcing fees.

That figure is significant to a small biotech firm that is only worth $260 million US, and this is after the huge gains.

This extreme trading activity reminds me of Acorda Therapeutics (ACOR) which saw its stock price jump by almost 4 times in one day back in September after the company came out and announced that a set of data from its phase III clinical trial was positive. The stock continued its upward climb, doubling in price since that big day.

Could Progen stock see similar gains? Why not! A small biotech firm with exciting research, small market cap, and positive news could easily see more positive price movement.

http://biohealthinvestor.com/

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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