United-Guardian Inc. (UG:US), a maker of cosmetic ingredients and health-care products, rose to a record in New York trading as volume surged to the highest since 2007.
United-Guardian, based in Hauppauge, New York, rallied 14 percent to $21.21 at 1:40 p.m. New York time, with 114,449 shares changing hands, 49 times its three-month average. The stock reached $22.55 earlier, the highest intraday price since at least 1983, according to data compiled by Bloomberg.
“Based on some large blocks, it appears to be institutional investors that are buying rather aggressively,” United-Guardian Chief Financial Officer Robert S. Rubinger said in a telephone interview. “There has been no new news out of the company. Nothing has been leaked. There is nothing pending, nothing unusual of late that would cause something like this.”
United-Guardian, founded in 1942, said on May 9 that first- quarter earnings increased to 27 cents a share from 25 cents a year earlier as sales climbed. Today’s surge pushed the stock’s gain to 39 percent this year. That compared with a 5.7 percent increase in the Russell 2000 Index, a benchmark gauge for smaller U.S. companies.
Twenty-four institutional investors (UG:US) owned a combined 15 percent stake in United-Guardian as of yesterday, according to data compiled by Bloomberg.
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