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CytoMed Therapeutics (NASDAQ:GDTC) stock is rocketing higher on Tuesday despite a lack of news concerning the company this morning.
Instead of a press release of filing sending the shares higher, heavy trading is behind today’s movement. As of this writing, more than 3.7 million shares of the biopharmaceutical company’s stock have changed hands. To put that number in perspective, the daily average trading volume of GDTC stock is only a fraction of that at about 150,000 shares.
Also worth noting is GDTC stock closing trading on Monday at $3.50 per share, as well as its market capitalization of $40.237 million. Both of these are low enough that they set the company as a penny stock.
Being a penny stock does help explain some of the extreme movement GDTC shares are seeing this morning. These types of stocks are often volatile due to how easily groups of traders can manipulate them. We often see these types of manipulations during pre-market trading, which is the same time that GDTC is rallying today.
Other GDTC Stock News
While there’s no news from CytoMed Therapeutics today that explains its rally, has been some other recent announcements from the company. Late last week it revealed that A*STAR received a patent for its CAR-gamma delta T cell technology.
That was important news for investors in GDTC stock as CytoMed Therapeutics holds an exclusive license to that tech from A*STAR. It’s also worth noting that CytoMed Therapeutics is a spinoff from A*STAR.
GDTC stock is up 156.5% as of Tuesday morning.
Investors searching for even more of the most recent stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Tuesday! That includes the biggest pre-market stock movers this morning, the latest news concerning Canoo (NASDAQ:GOEV), and more. You can catch up on all of this news at the following links!
More Tuesday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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