China New Borun Corp Pushes to Fresh Intraday Highs

China New Borun Corporation (BORN) advanced 12 percent to $16.50 after jumping more than 13 percent earlier, the most intraday since Oct. 15, 2010.  The security continues to surge higher on strong trading volume as price lifts up under Friday’s high of $15.25.

As mentioned, BORN volume is particularly strong today, with more than 1.4 million shares trading hands so far into the session. The normal average volume for BORN over the last 13 weeks is just over 1.1 million shares. If the stock’s upward momo continues, a short-term attempt from ticker to try to break, or at at least re-test, the recent 52-wk range highs of $20.50, is quite possible.

BORN has been moving largely higher over the past 3 months, and currently looks to have found some support at $15.00. Ticker currently trades at a trailing P/E of 9.40, a forward multiple of 8.28 and a P/E to growth ratio of 0.40.

China New Borun Corp., a $430M market cap co. that produces and distributes corn-based edible alcohol in China, gained $1.64, or 11.98 percent, to $16.41 at 3:01 p.m. ETD  in New York Stock Exchange composite trading.

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About Ron Haruni 1064 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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