Apparently acting on rumors of pending federal approval of the proposed AIDS drug Isoprinosine, Wall Street speculators Thursday pushed Newport Pharmaceuticals International Inc. common stock onto the over-the-counter market's most-active list for the second day in a row.
Nearly 10% of the company's outstanding common shares changed hands during the day.
Also feeding the speculation was Newport's announcement Thursday that Michael Chirigos, head of the immunology department of the federal Institutes of Health, will join the company this month as its vice president of research and development.
Trading was halted temporarily Thursday by the National Assn. of Securities Dealers pending a press conference called by the company to debunk the rumors.
However, by the close of trading, Newport's stock gained $1.13 a share to close at $14.38. Volume was 969,000 shares out of 10 million shares outstanding.