Avinger (NASDAQ:AVGR) stock is on the rise Thursday despite there being no new news from the company.
The increase for AVGR stock comes alongside heavy trading of its shares. As of this writing, more than 73 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is roughly 24 million shares.
So what exactly has AVGR stock up today? It looks like the jump is connected to a patent set to be issued to the company. However, Avinger itself has yet to make any official announcement about this patent.
Even without an official announcement, investors on Twitter (NYSE:TWTR) are building up AVGR stock with constant talk about the patent. Here are just a few examples of what users are saying about it today.
$AVGR was my first overnight 100% call! LET'S GO. So pumped.
More to come (hopefully 😅) Let me know if you banked! pic.twitter.com/w577na8L0n
— StockFRIAR (@FriarStock) February 18, 2021
AVGR moving… patent news – float 92M
I am scared of high float stocks 🤣
— Prince Idris (@IdrisTrades) February 18, 2021
i like AVGR a lot. bought the dip today 👍
— Daniel | RARE BREED🩸 (@astronautuk) February 18, 2021
— Lâm Le (@KANTSTANDLAM) February 18, 2021
Got in $AVGR this morning..hoping it dips down and goes up as health stock
— HES trader 🐢 (@missiontrader47) February 18, 2021
Seasoned investors looking over these Tweets have likely already noticed a pattern. Day traders appear to have targeted AVGR stock as their most recent pump and dump. That’s not uncommon anymore, especially as these types of investors make use of social media platforms as they boost up stocks.
AVGR stock was up 36% as of Thursday morning and is up 288.3% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.