Innate's Rollercoaster Share Price
Innate Immunotherapeutics' (IIL: $0.58) share price has been on a rollercoaster ride for the last two months. While its underlying business has been progressing to plan, its share price has become highly volatile, driven by trading on a US exchange which was initiated without the company's consent, a sell down in shares by a local investment fund, and post- US election political snitching that has been playing out through US and Australian print media.
Towards the end of November last year, Innate's stock closed at $0.73, reached $1.09 at the end of last year, and peaked in late January at $1.77. In the two days that followed its peak, the stock fell 56% to $0.78 (on volume of 8.3 million shares), then rebounded by 59% to $1.24 (5.2 million shares traded), and has since been in a steady decline searching for a floor in its shares price.
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