Synthetic Bio up big on no news

|About: Synthetic Biologics, Inc. (SYN)|By:, SA News Editor

The biotech sector's up move notwithstanding, nano cap Synthetic Biologics (SYN +32.9%) pops on a 3x surge in volume on no apparent news.

The stock is trying to recover from its late April plunge after it reported results from a Phase 2 clinical trial evaluating Trimesta (oral estriol) as an adjunctive treatment for relapse-remitting multiple sclerosis. The decrease in annualized relapse rate was statistically significant at 12 months but not at 24 months. The stock quickly sold off, dropping 60% from its April 28 close of $2.91 to a low of $1.16 on May 14.

Consensus revenue estimates for 2014 and 2015 are $250K and $1M, respectively.

18 mutual funds have positions, up from 13 a year earlier.