Bullish Technical Breakout Alert (OTC:SNBP.OB)
Miv Investments Inc. has initiated an independent bullish technical trading alert for 11/17/09 on Sinobiopharma, Inc. (OTC:SNBP.OB). Shares of the company finished the day at $0.25, up 38.89% from the opening bell on heavy buying pressure. The turning point in the share price which had been experiencing a down trend for well over a year, resulted from record volume totalling 2,911,677 which trumped the volume average of 265,000. BioMedReports has also published a technical alert.
Investors have begun to feel a renewed sense of optimism towards the company on the eve of their recent press release. Sinobiopharma announced that 23 generic drugs for which the Company has production rights are listed in China’s National Essential Drugs List, which covers pharmaceuticals used to treat up to 80 percent of the most common diseases in China.
According to the Chinese government’s healthcare reform plan, 90 percent of China’s citizens will be covered by a universal healthcare system by the year 2010. Under the plan, drugs on the National Essential Drugs List (the “List”) will be purchased by various levels of government first, then distributed to medical facilities. All drugs on the List will be covered by the basic insurance plan supported by the government. The plan also calls for medical facilities to be upgraded, which includes the construction of 30,000 new hospitals, clinics and care centers across China.
Dr. Lequn Lee Huang, Sinobiopharma President and CEO was also quick to point out that, “We expect that this new advantage in the marketplace will also enable the Company to enhance our ability to improve return on investment for shareholders in 2010.”
The news comes at an opportune time, as the company managed to post its first overall net profitable quarter since the Q2 2008. (’bout time!)
* Revenues increased to US $1,293,764 for the three months ended August 31, 2009, from US $931,203 in the corresponding period in 2008. This is an increase of 39%.
* Gross profit increased 57% to US $962,923, reflecting a 74% gross margin for the three months ended August 31, 2009.
* An overall net profit overall of US $237,167 for the three months ended August 31, 2009, marks the first time that Sinobiopharma has moved to net profitability in more than a year.
The full special report on the company appears today at http://www.stockshaven.com/bullish-technical-breakout-alert-otcsnbp-ob/
Disclosure: Long SNBP
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