AEterna Zentaris Inc. (AEZS)

[chmcnfunds]

Watch the bid and ask on the Level II. There is always a .05 difference (Bid @ $3.40 and Ask @ $3.45). This difference is there throughout the day. MMs can trade between such as $3.43. The .05 tick difference is part of SEC trial which seemed to start at the beginning of November,

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"SEC Finalizes ‘Tick Size’ Pilot for Smaller-Company Stock
http://www.wsj.com/articles/sec-finalizes-tick-size-pilot-for-smaller-company-stock-1430949237

WASHINGTON—The stock prices of more than 1,000 small U.S. companies will trade in increments of five cents under a long-awaited plan the Securities and Exchange Commission finalized late Wednesday.

"The SEC voted to finalize the highly-anticipated test program that will run for two years beginning next May. It’s designed to determine whether trading the stocks of smaller companies in wider “tick sizes,” or the difference between what traders bid and offer for the shares, will boost interest in the stocks.

The move is a shift from more than a decade of requiring trading in pennies. Wider increments, advocates of the plan say, will allow traders to reap higher rewards, giving them more of an incentive to trade the stocks and lessen volatility. Critics say its goals are aspirational and will accomplish little other than to make trading in certain shares more expensive for investors.

The program will apply to firms with $3 billion or less in market capitalization, down from the $5 billion initially expected."
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Been watching several small biotech stocks trading under this trial and it seems they are more volatile, but not sure whether AEZS might be less volatile.

Saw a $heff tweet yesterday:

"Sheff ?@SheffStation 16h16 hours ago
I really dislike the 5 cent increment biotech stocks. They really screw over shareholders in a stock."

AEZS

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