Why Oramed Pharmaceuticals Stock Rocketed Higher Today

Shares of the clinical-stage biotech Oramed Pharmaceuticals (NASDAQ: ORMP) were up by a staggering 41.6% as of 3:30 p.m. ET on Friday afternoon. What's more, this sizable move northwards is being accompanied by a huge uptick in volume, with more than 14.5 million shares traded at the time of this writing.

To put this surge in volume into the proper context, the average daily volume for Oramed's stock over the prior 30-day period has been less than 900,000 shares. The biotech's stock appears to be shooting higher today as a result of short covering (short sellers buying back their borrowed shares).

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Source Fool.com