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Keep an eye on shares of OnvoVista Innovative Therapies (OVIT.OB) this week.

A noticable boost in volume has started to result in a price boost, too, and Friday's late day trading action could be an indicator that speculative investors may be starting to take notice. In fact, Friday's volume was nearly twenty times the daily norm for this lightly traded, below-the-radar company, and the achieved intra-day highs made the stock more than a double in just seven trading sessions.

Could it be that this one is just being played by some day, swing or momentum traders?

Maybe, but there is more to the OncoVista story than merely the price and volume action of last week.

The most advanced product in OncoVista's pipeline is OVI-123, known also as Cordycepin, and it was revealed late last year that OncoVista had entered into an agreement with Oncology Therapeutic Development (OTD), a consulting and early Clinical Development focused CRO, to initiate a Phase Ib clinical trial of Cordycepin associated to Pentostatin for the treatment of patients with terminal deoxynucleotidyl transferase (TdT)-positive refractory leukemia.

The estimated market potential for Cordycepin is greater than $350 million annually, according to statistics posted in the company's website, and the FDA has already granted the product an Orphan Drug Designation.

The company is also developing OVI-117 as a targeted treatment for multiple cancer indications. This product is in the latter stages of pre-clinical development, but may hold greater market potential than Cordycepin, should it ever meet market.

VFC's Stock House highlighted this one as a stock to watch when volume started to pick up, and as the price and volume continues to move, it's worth keeping this one on the watch list.

Bear in mind that plays such as this one come with significant inherent risk, but when they move - the percentage gains can be huge, as evidenced by the quick double.

For those already on board, enjoy the Goose and Dom - and if the growing interest is an indicator, then there could be more to come.

Disclosure: Long OVIT.

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