Phorm confused over share price drop

<p>Phorm does not know why its share price was down.</p>

Technology company Phorm has announced it does not know the reason why its share price has come down in the last couple of days.

Its stocks dropped by more than eight per cent yesterday (March 21st) and they are down again today, but the firm claimed it does not know why.

Earlier in the week, Phorm revealed that it had successfully raised funds through a placing of convertible secured loan notes.

It also announced it has embarked on a restructuring exercise in a bid to enable it to focus operationally on Turkey and China.

But its share price is now down to 6.25 at 08:40 GMT and looks set to fall further over the course of the day's trading.

In the last year, stocks in Phorm have been as high as 132.00, showing they have dropped a lot over the course of recent months. Their one-year target estimate is set at 5.62.

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