Biostar Pharmaceuticals Inc (BSPM) Stock Balloons on Easy Breathing Launch

Biostar Pharmaceuticals Inc (BSPM) is fresh off an annual high

by Alex Eppstein

Published on Oct 11, 2016 at 3:01 PM
Updated on Jun 24, 2020 at 10:16 AM

Biostar Pharmaceuticals Inc (NASDAQ:BSPM) more than doubled in value earlier en route to an annual high of $7.06. At last check, the biotech stock was still up 92.4% at $6.60, making it the top percentage gainer on the Nasdaq -- unlike shares of this rental concern.

Sending BSPM gapping higher is the launch of the company's Easy Breathing rhinitis and sinusitis treatment in China. Biostar said it expects to sell 400,000 units of the health product within the next two years, which should yield around $7.5 million in revenue.

Suffice it to say, one group of traders dodged a huge bullet on the stock -- specifically, short sellers. Short interest plunged 65.2% during the last two reporting periods, leaving just 2.4% of BSPM's float sold short.

While Biostar Pharmaceuticals Inc (NASDAQ:BSPM) is breaking out today, a long-term chart reveals that the shares have quite a way to go to return to their glory days. For instance, back in April 2010, the biotech stock was sitting in triple-digit territory.

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