Yes, it is breaking out, and on record volume too. It started Friday.
I have no way of knowing what is going on. No news on the newswires or Bloomberg.
I suppose it is possible that ENML has negotiated new terms with the convert owners, to reduce the impact on the stockprice. The one such arrangement that would have the biggest effect on raising the stock price would be a redemption of the converts, but ENML doesn't have the cash to do that.
I'm not expecting any news re. ADA approval for several months at the earliest. I can't think of anything else, except that they still need a new financing deal to raise more cash.
My best guesses are P&D or forthcoming news about financing.
Look at the following historical price/volume data, and compare to the 780 k shares traded so far today:
06/17/99 2.093 2.375 2.000 2.312 88,300
06/18/99 2.031 2.125 2.000 2.093 140,000
06/21/99 2.125 2.125 1.968 2.000 145,800
06/22/99 2.000 2.031 1.750 1.875 409,900
06/23/99 1.812 1.812 1.562 1.687 299,300
06/24/99 1.687 1.718 1.187 1.406 556,800
06/25/99 1.375 1.406 1.187 1.187 253,000
06/28/99 1.250 1.312 1.187 1.187 211,500
06/29/99 1.312 1.312 1.031 1.125 350,400
06/30/99 1.125 1.250 1.062 1.250 196,800
07/01/99 1.250 1.250 1.062 1.125 189,200
07/02/99 1.125 1.312 1.125 1.250 518,900
07/06/99 1.250 1.343 1.062 1.125 466,900
07/07/99 1.187 1.250 1.062 1.093 377,700
07/08/99 1.125 1.187 1.062 1.093 346,200
07/09/99 1.062 1.093 1.062 1.062 167,900
07/12/99 1.093 1.187 1.093 1.093 142,700
07/13/99 1.187 1.250 1.093 1.156 199,900
07/14/99 1.156 1.156 1.093 1.125 134,000
07/15/99 1.125 1.187 1.062 1.156 372,300
07/16/99 1.125 1.312 1.093 1.312 410,900 |
