Capnia (CAPN) Stock Surges on New Investment

Capnia (CAPN) stock is rising in midday trading on Thursday, after the chairman of the board increased his stake in the company.
By Amanda Albright ,

NEW YORK (TheStreet) -- Capnia (CAPN) stock is soaring by 19.83% to $2.13 on heavy trading volume on Thursday morning, after Board Chairman Ernest Mario purchased 50,000 shares of the company.

Based in Redwood City, CA, Capnia develops medical diagnostics and therapeutics based on its gas flow metering technology.

Mario, the current chairman of Capnia's board, purchased 50,000 shares of common stock at $1.77 per share on Wednesday, according to a filing with the Securities and Exchange Commission. 

So far today, 1.41 million shares of Capnia have traded, versus its 30-day average of about 67,500 shares.

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