Tiny U.S. Biotech Jumps 930% as It Picks Up Retail Attention
(Bloomberg) -- A little known biotech company, ABVC BioPharma Inc., soared in U.S. premarket trading amid increasing chatter on trading social network StockTwits.
The Fremont, California-based firm’s shares jumped as much as 930% in premarket trading and the stock was up 254% at 10:17 a.m. in New York. More than 50 million shares had been traded in the stock by that time, compared to its 12-month daily average of around 660,000.
At the end of trading on Friday, the stock had a market capitalization of $68.1 million. That now stands at around $242 million.
The company has filed for $50 million mixed securities shelf on Friday. It announced restructuring of a joint venture last month and filed for patent applications for some medicines treating depression and attention-deficit hyperactivity disorder in September.
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