Ignyte Acquisition (NASDAQ:IGNY) Shares Up 18.6%

Ignyte Acquisition Corp. (NASDAQ:IGNY – Get Rating) shares shot up 18.6% during mid-day trading on Wednesday . The stock traded as high as $0.95 and last traded at $0.95. 152 shares changed hands during mid-day trading, a decline of 99% from the average session volume of 26,174 shares. The stock had previously closed at $0.80.

Ignyte Acquisition Stock Up 18.6 %

The company has a 50 day simple moving average of $1.96 and a 200-day simple moving average of $2.98.

Hedge Funds Weigh In On Ignyte Acquisition

Several hedge funds have recently modified their holdings of the stock. Cubist Systematic Strategies LLC bought a new position in Ignyte Acquisition during the second quarter worth about $2,342,000. Saba Capital Management L.P. grew its holdings in Ignyte Acquisition by 52.3% during the first quarter. Saba Capital Management L.P. now owns 354,843 shares of the company’s stock worth $3,492,000 after purchasing an additional 121,871 shares during the period. Exos TFP Holdings LLC bought a new position in Ignyte Acquisition during the third quarter worth about $662,000. Mint Tower Capital Management B.V. bought a new position in Ignyte Acquisition during the third quarter worth about $561,000. Finally, Smith Moore & CO. bought a new stake in shares of Ignyte Acquisition during the third quarter worth approximately $149,000. Institutional investors own 61.08% of the company’s stock.

About Ignyte Acquisition

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Ignyte Acquisition Corp. does not have significant operations. It intends to effect a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses. The company intends to focus on target businesses in the life sciences, biotechnology, and healthcare sectors.