Zosano Pharma (NASDAQ:ZSAN) stock is flying high on Tuesday despite there being a lack of news about the company.
The increase in price comes with an increase in trading. As of this writing, more than 59 million shares of ZSAN stock have traded hands. That’s a hefty jump compared to its daily average trading volume of 8.39 million shares.
So what exactly has ZSAN on the rise today? Just like with many cases of stocks trading on heavy volume with no news, it looks like retailer traders are to blame. Recent efforts have seen them using social media, such as Reddit and Twitter (NYSE:TWTR), to collaborate on efforts to push some stock’s higher.
Keeping in mind why ZSAN stock is likely heading higher today, investors will want to know more about the company before diving in. Luckily, the breakdown below can help with that.
- Zosano Pharma is a clinical-stage biopharmaceutical company.
- It’s developing treatments that are administered through its microneedle patch.
- The idea is that this allows rapid treatment of issues with a simple application process.
- One of the main drugs in development by Zosano Pharma is M207.
- This is a treatment for migraine and rapid cluster headaches.
- The company says that it’s looking to sell this treatment under the proposed commercial name Qtrypta.
- It’s seeking approval from the U.S. Food and Drug Administration for this treatment.
- So long as there are no issues, the company expects to start selling Qtrypta this year.
- Zosano Pharma was founded in 2006 and went public in January 2015 via an initial public offering (IPO).
ZSAN stock was up 36.5% as of Tuesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.