|BMP Sunstone shares keep rising on buy-out rumors|
|Friday, 30 July 2010 18:48|
Shares of BMP Sunstone Corp. (NASDAQ:BJGP) traded at a new 52-week high and closed up another $.33 to $6.60 (+5.26%) as rumors of their sale to a private source continue to swirl.
We first alerted subscribers to the rumors when the stock was trading in the low to mid $5 levels.
The stock traded as high as $6.40 before a weak bear raid led by short sellers attempted to plant doubts about the trade and kill the rally last week, but reports of the takeover continued and sources familiar with the situation confirmed earlier today that the company will be taken private via "an all cash deal."
That deal is reportedly worth $9 plus per share.
We will continue to monitor the situation and keep you posted if we hear any further developments. SmarTrend indicates that they are bullish on shares of BMP Sunstone.
Disclosure: Long BJGP