Bioanalytical Systems Surging Over 35%

Bioanalytical Systems Inc (BASI) shares rose 21.34% to $3.24 after jumping 35% earlier to touch a new 52-week high of $3.98.  More than 170,000 shares have already traded hands compared to a daily average of around 9,000. On Dec 2, Bioanalytical Systems Inc., a co. that provides contract development services and research equipment to pharma co.’s, reported that it had negotiated an amendment to its loan agreement with Regions Bank. Regions agreed to accept a $500,000 principal payment on a note with $1.1 million of principal maturing on December 18, 2010 and a $500,000 principal payment on another note with $1.3 million of principal maturing on February 11, 2011.

BASI’s shares have surged 145% over the past 52 weeks, while the S&P 500 index has gained 12.83% in the same period. The equity is currently trading above its 50-day MA of $1.09 and above its 200-day MA of $1.00. Today’s 35% spike follows Friday’s 48% jump.

At last check, Bioanalytical Systems was up $0.57, or 21.35%, to $3.25.

Disclosure: No Position

About Ron Haruni 1033 Articles
Ron is the Co-Founder & Editor in Chief of Wall Street Pit. Web Site: Wall Street Pit

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