eXegenics Jumps 10% on Strong Volume, No News

| About: OPKO Health, (OPK)

Shares of eXegenics Corporation (EXEG.OB) gained almost 10% on Wednesday as volume more than tripled the 3 month daily average.

There were no significant news releases or other significant events that could be detected.

I featured eXegenics recently. The empty shell company was bought out by Dr.Phillip Frost, founder of Ivax Corp., and quickly announced that the company will be merging with two optical health biotech firms and renamed Opko Corporation. Opko will file for listing on the AMEX soon.

Two weeks ago, J&J Development Corp., a division of Johnson & Johnson (NYSE:JNJ), took a substantial position in eXegenics according to the SEC filing.

exeg chart

The $146 million company has $8.6 million in cash and no debt according to the latest Yahoo! financial data. The company has not conducted any operations in some time, and will not do so until the merger is finalized and the company begins operating under the new name Opko.

Shares of eXegenics closed at $4.02, just under the 52-week high of $4.10.

eXegenics has made BHI's BioWatch Alert List, and will be tracked for the next two weeks.