Unusual Volume Alert: SEQUENOM (SQNM)

Posted in General 
June 15th, 2009

SEQUENOM Inc. (NASDAQ: SQNM) keeps trading in mystery price and volume moves, yet there is no news from inside the company.  For that matter, there has been little from outside the company and related parties.  The initial pop last week was on rumors.  Some rumors were regarding case dismissals from the class action suits that were filed, but there was just another suit filed last week that hit the tape on Friday.  The other rumor was that the company was close to announcing at least some resolution to its quality issues in the recent study.  On that front, an outside PR firm said it was not aware of any such data and we did not hear back from the company itself on this topic.

Yet here we are on Monday, the stock is up on active volume on a day where the broad market is trading lower. We are not even quite 30 minutes into the trading day and we have already seen 5.6 million shares trade with a last trade being up 8.4% at $5.01.

Here is how this one traded last week:

June 12, 2009 was volume of 36,603,500 and the closing pice was $4.62.
June 11, 2009 was volume of 20,813,300 and the closing pice was $4.25.
June 10, 2009 was volume of 53,475,100 and the closing pice was $4.09.
June 9, 2009 was volume of 54,190,400 and the closing pice was $5.30.
June 8, 2009 was volume of 2,668,100 and the closing pice was $3.35.

It seems that the action that has bee geared around this more than anything is the technical trading advisory alert services out there.  This has become one of the top day trading alert stocks because of the volume explosion and volatility we have seen.

As of the first 25 minutes of trading, there is just no solid news to base any of these moves on.

JON C. OGG
June 15, 2009 (9:55 AM EST)

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