Shares of Oxigene, Inc. (OXGN) gained more than 7% on Friday as volume was more than ten times the 3 month daily average!
There were no significant news releases or other significant events that could be detected. However, the company is expected to hold its first quarter earning conference call on Wednesday the 25th.
Oxigene focuses on the development and commercialization of drug candidates that disrupt abnormal blood vessels associated with solid tumor progression and visual impairment.
The company has a tiny market cap of only $131 million. It has over $45 million in cash and no debt according to the latest Yahoo! financial data. The company has not registered any significant revenues from operations over the last couple of years, as it has focused mostly on clinical development and research. Company insiders have been buying shares on a regular basis since 2005.
Shares of Oxigene closed at $4.66 on Friday, about 20% off the 52-week high of $5.88.
Oxigene has made BHI's BioWatch Alert List, and will be tracked for the next two weeks.