Tiny Biotechs Extend Wild Rides as Day Traders Chase Booms
Greenwich LifeSciences Inc., the biotech firm that soared 998% on Wednesday, is flying high as day.
(Bloomberg) -- Greenwich LifeSciences Inc., the biotech firm that soared 998% on Wednesday, more than doubled at one point Thursday as day traders piled into the stock for a second day.
The company, which again reached a market value of over $1 billion at its highest on Thursday, skyrocketed when mentions of its poster presentation at a cancer meeting continued to buoy sentiment. Shares of peer Sellas Life Sciences Group Inc. also joined the rally as the stock spiked a record 176% to the highest since June 2019.
While Stafford, Texas-based Greenwich LifeScience’s core findings of an experimental breast cancer drug had been known for months, that didn’t stop retail investors from sending the stock surging.
The results from the mid-stage study drove Sellas 73% higher on Wednesday as retail investors looked for the next tiny biotech stock to gamble on. Sellas is set to present data on Friday at the San Antonio Breast Cancer Symposium -- the same meeting that spurred Greenwich LifeSciences.
Greenwich LifeSciences advanced 26% Thursday, triggering at least five volatility halts. New York-based Sellas’s spike brought its market value to just $167 million, roughly one-fifth the size of Greenwich LifeSciences.
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