Akers Biosciences Inc (NASDAQ:AKER) is trading up over 75% in morning trading on what appears to be no news at all. This has lead investors to wonder if perhaps this move is part of some sort of stock promotion or “pump and dump”.
The latest news that we’ve heard concerning Akers Biosciences Inc (NASDAQ:AKER) were several insider purchases dating back to New Year’s Eve, prior to the market closing. Directors Thomas Knox, Raza Bokhari, and Robert Andrews, along with Officer Gary Rauch, all acquired a large amount of shares, ranging from 22,500 to 55,000 each. Other than that, no news has been officially announced, making us as well as other investors curious as too why such a large jump in price today.
The stock is up 76.62% or $1 today, hitting $2.3 per share. About 13,795 shares traded hands. AKER has declined 71.02% since June 1, 2015 and is downtrending. It has underperformed the S&P500 by 68.90%.
Akers Biosciences, Inc., together with its subsidiaries, focuses on the development and sale of disposable diagnostic testing devices to facilitate time sensitive therapeutic decisions in the United States and internationally. Its marketed products include BreathScan/CHUBE, a disposable breath alcohol detector; BreathScan PRO, a quantitative breath alcohol detection system; METRON, a disposable breath ketone device to monitor weight loss; VIVO for the measurement of biological markers for oxidative stress that relates to cellular damage; PIFA Heparin/PF4 and PIFA PLUSS PF4 rapid assay for detecting heparin-induced thrombocytopenia antibodies; seraSTAT, a device to separate rapid blood cells; and Tri-Cholesterol Â‘CheckÂ’ to estimate high density lipoprotein cholesterol and low density lipo protein levels. The companyÂ’s pipeline products comprise Breath Ketone Â‘CheckÂ’, a disposable breath ketone device for diabetic monitoring, and management of senile dementia and alzheimers disease patients; Breath PulmoHealth Â‘CheckÂ’, a suite of breath tests for biomarkers indicating asthma, chronic obstructive pulmonary disease, and lung cancer; PIFA PLUSS Chlamydia to test sexually transmitted disease; and PIFA PLUSS TroponinI for the diagnosis of a myocardial infarction. Akers Biosciences, Inc. was founded in 1989 and is headquartered in Thorofare, New Jersey.