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

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

Oct 11, 2016 at 3:01 PM
facebook X logo linkedin

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.

Sign up now for Schaeffer's Market Recap to get all the day's big stock movers, must-know technical levels, and top economic stories straight to your inbox.



How to collect 1 dividend check every day for LIFE

Did you know you could collect 1 dividend check every day the market is open? You could also do it starting with just $605! For me, I'm collecting 70 dividend checks every quarter…which averages around 1.1 dividend checks every business day. There's no trading behind this... no penny stocks or high-risk investments. All you do is buy and hold and you're set. There's no set up required either. If you start buying the dividend stocks I show you today... you could collect 1 dividend per day starting as early as this week. Click here for all the details.