I've been watching this recently, but this morning it blew through the 52wk high spectacularly. I can't find any news but the volume is already past the 10d average.
I think there's something in the works here that triggered this frenzy, because previously it had seen some resistance around .26, but is now trading in the .30s. Something's up, IMO in the next couple days.
disclosure: I have a reasonably small position with ELTP
EDIT: Closed up 34.15% @ .33. No news has been released. Speculation is that it may be a partnership. Nothing certain, but the charts really look promising. Volume 60% over 10d average, RSI in the 60's, high accumulation/distribution. Do your own DD of course.
Some company info: https://www.google.com/finance?cid=665237
About Elite Pharmaceuticals, Inc. Elite Pharmaceuticals, Inc. develops oral sustained and controlled release products. Elite's strategy includes assisting partner companies in the life cycle management of products to improve off-patent drug products and developing generic versions of controlled release drug products with high barriers to entry. Elite has five commercial products with two additional products under review, pending approval by the FDA. Elite's lead pipeline products include abuse resistant opioids utilizing the Company's patented proprietary technology, and a once-daily opioid. They are sustained release oral formulations of opioids for the treatment of chronic pain, which address two of the limitations of existing oral opioids: the provision of consistent relief of baseline pain levels and deterrence of potential abuse. Elite also provides contract manufacturing for Actavis and Ascend Laboratories (previously a subsidiary of ThePharmaNetwork and now a subsidiary of Alkem Laboratories Ltd.) and has partnered with Mikah Pharma to develop a new product, with Hi-Tech Pharmacal to develop an intermediate for a generic product, and a Hong Kong based company to develop a branded product for the United States market and its territories. Elite operates a GMP and DEA registered facility for research, development, and manufacturing located in Northvale, NJ.