AVI BioPharma’s Expansion Plans (NASDAQ:AVII)
AVI BioPharma have recently announced that they have received a funding for expansion plans of their Junin virus drug treatment. Soon after the annoucement was made, AVI BioPharma stocks were trading higher on a surge in volume. AVI BioPharma has announced that they have received expanded contract of approximately US$ 11.5 million from the Defense Department that will help them support the development of their drug candidate named as AVI-7012 to treat Junin virus infection. The news made AVI BioPharma one of the NASDAQ’s top performers on Monday and the shares were rallying sharply higher on big volume.
AVI BioPharma shares were lately rising around 45 cents, or 28.9 percent, to $2.01. However, later in the day the share prices touched an intraday high of $2.08. More than 12 million shares changed hands by late Monday morning and with a volume of 4.3 million. According to some sources, AVI BioPharma has a 68.5 million share float with the short interest float of 7.7 percent. More than 11 percent of the company’s shares are held by insiders and another 23 percent owned by institutions. Many analysts predict that if this drug is approved by the FDA, the stocks of AVI BioPharma could surge in the future.
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