Purple Biotech (NASDAQ:PPBT) stock is heading higher on Wednesday despite a lack of news about the company.
The increase in price for PPBT stock comes alongside heavy trading of the shares. As of this writing, more than 2.2 million shares of the stock have changed hands. That’s roughly double the stock’s daily average trading volume of 1.12 million shares.
So why exactly is PPBT stock up today? The stock is among those being talked about on social media by traders. This typically results in a boost in price and trading even when there’s nothing newsworthy going on for the stock. That appears to be what’s behind today’s movement.
Keeping this in mind, here’s what potential investors in PPBT stock need to know about the company before diving in.
- Purple Biotech clinical-stage company developing therapies to treat tumor immune evasion and drug resistance.
- The company’s oncology pipeline includes NT219 and CM24 treatments.
- NT219 is the company’s “small molecule targeting the novel cancer drug resistance pathways IRS1/2 and STAT3.”
- This is being developed for the treatment of “advanced solid tumors and in combination with cetuximab for the treatment of recurrent or metastatic squamous cell carcinoma of head and neck cancer.”
- NT219 currently has Phase 1.2 trials taking place.
- Next up is monoclonal antibody blocking CEACAM1 therapy CM24.
- This is being developed as a “novel immune checkpoint that supports tumor immune evasion.”
- The company is planning for Phase 1 and Phase 2 trials of the treatment in combination with anti-PD-1 checkpoint inhibitors.
- The goal is to use this on patients suffering from non-small cell lung cancer and pancreatic cancer..
PPBT stock was up 3.8% as of noon Wednesday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.