VIP members again saw the penny stock picking power Tuesday when we spoke in detail of the bullish running about to occur on BG Medicine Inc. (BGMD). When we scanned for pre-market activity and news, and while everyone was panicking over the cluster bombs dropped on SVEN and PBCW from Monday, the news that the Nasdaq listed diagnostics company obtained a CE Mark enabling the commercial sale of the Company’s CardioSCORE™ test in the EU and other countries that recognize the CE Mark, picking BGMD as a penny stock to play for a possible double digit gain. After the momentum picked up though throughout the trading session, what a shocker it was for all to see the highest volume trading session ever and better than a double digit return off the open.
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BGMD Stock Chart
Market Cap: 69.30M
Close: 3.38 ▲ 2.05 (154.14%)
Dollar Volume: $25,528,640
Average Trade Size: 486
Issued and Outstanding: 20,502,267
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BG Medicine has long been one of those sleeper biotech penny stocks that has been on a sharp decline for months since their 52 week high of $12.80 was set back in February. After watching it bounce off its lowest point last month, $1.00, we had it on the radar looking for something to become a catalyst to drive it up. A few Seeking Alpha articles even mentioned it as being oversold and a potential triple-bagger but had little effect on the price movement.
Today’s news was expected to have a similar effect as when the Company’s first commercialized product, the BGM Galectin-3 ® test for use in patients with heart failure, received clearance from the FDA in late 2010. It being commercially available in the U.S., as well as in Europe under a CE Mark was what helped to drive product revenues to $1.592 million for the first nine months of 2012 versus $144 thousand during the same period in 2011. The fact that the Company’s under development CardioSCORE™ test, a blood test designed as an aid in the assessment of near-term risk for significant cardiovascular events, such as heart attack and stroke, receiving the CE Mark was news we knew investors would take advantage of since the BGMD shares had closed Monday just 0.33 above their 52 week low.
About BGMD Stock
BG Medicine, Inc. is a life sciences company focused on the development and commercialization of novel cardiovascular diagnostics to address significant unmet medical needs, improve patient outcomes and contain healthcare costs. The Company has developed initial product candidates to address significant unmet needs in cardiovascular disease. Click here to view the SEC filings for BGMD.
Last 5 Trading Sessions:
Bottom Line: The BGMD VIP alert really made up for those traders who took the Awesome Penny Stocks bait on SVEN and the chum left in the bag from Victory Mark’s PBCW. Those who held through the day should expect to see less volume but a strong hold on the gains BGMD stock recorded Tuesday. Will it trend back to $12? That is a question that 2013 and beyond will have to reveal.
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