Stemcell United Ltd shares rocket 22% higher

The Stemcell United Ltd (ASX:SCU) share price is up 22% today. Here’s what you need to know…

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Much to the delight of its long-suffering shareholders, the Stemcell United Ltd (ASX: SCU) share price has been a big mover during trade on Thursday.

In late trade the prospective medicinal cannabis company’s shares have rocketed higher by 22% to 3.3 cents despite there being no news released today.

But with the volume of shares traded up significantly, some investors clearly believe that something is brewing behind the scenes.

Which would be a touch surprising considering the company’s recent insider selling. On September 18 the company’s CEO Huanqing Gu offloaded 15 million shares for a cash consideration of $600,000.

Despite this sizeable share price gain today, Stemcell United’s shares are still down a whopping 83% in the last six months.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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