In the period from February 25 to March 9, 2020, AYTU Bioscience Inc. (NASDAQ: AYTU) was only mentioned in social media 1-2 times per day. Then, on March 10, shortly after noon (UTC), an announcement was made about the company having secured an exclusive U.S. distribution agreement for COVID-19 point-of-care rapid tests.
A burst of activity in social media followed this announcement immediately. StockGeist displayed 382 messages related to AYTU by 13:00 on the same day. Within the next hour, a total of 565 mentions were observed. Still three hours later, the activity in social media peaked to 2600+ messages received between 17:00 and 18:00.
Meanwhile, the price of AYTU shares followed exactly the same pattern. For three consecutive weeks, the closing price was on a steady decline from 0.79 USD on February 14 to 0.35 USD on March 9, 2020. Then, on the day the exclusive distribution agreement was announced, the share price jumped from 1.30 USD at the opening all the way to 2.05 USD at the closing. One could argue that such a prominent volatility was closely related to the burst of activity in social media on AYTU.