Universe Pharmaceuticals (NASDAQ:UPC) stock is soaring higher in early trading Monday morning despite a lack of news concerning the Chinese pharmaceutical company.
Even without news, shares of UPC stock are seeing heavy trading today. That includes more than 20 million shares of the stock changing hands. To put that in perspective, the stock’s daily average trading volume is roughly 617,000 shares.
So why is UPC stock up today? It looks like the increase comes from retail traders boosting the stock up. Talk over on Twitter suggest as much.
$UPC hit $26.80 earlier, now just fell to $6.00 – over 77% pullback! Now bouncing.
— Ace 🎯 (@Super1NYC) March 29, 2021
— Mr. Profit 💰 (@ProfitTradeRoom) March 29, 2021
— Luckeee (@SuperLuckeee) March 29, 2021
Keeping that in mind, here’s what potential investors in UPC stock need to know about the company before making any trading decisions.
- Universe Pharmaceuticals is a Chinese pharmaceutical company with a focus on assisting the elderly.
- Possible investors will also want to note that the company is still incredibly new to the public market.
- UPC stock only just went public last week with the completion of its initial public offering.
- This saw it offering up 5 million shares of UPC stock at an IPO price of $5 per share.
- The company raised a total of $25 million from the offering.
- There’s also the potential for it to earn more from a 45-day purchase option for underwriters.
- That includes the ability to purchase an additional 750,000 shares of UPC stock at the IPO price.
- Universe Pharmaceuticals says its plan for the IPO funds is expansion.
- That covers building out its manufacturing facilities, more research and development, as well as boosts to branding, advertising and marketing efforts.
- It will also use the funds for general corporate purposes.
UPC stock was up 92.4% as of Monday morning.
Universe Pharmaceuticals isn’t the only Chinese company seeing heavy trading this morning.
There’s been loads of movement for other stocks as well thanks to some drama concerning Archegos Capital Management. Among those are Baidu (NASDAQ:BIDU), Vipshop (NYSE:VIPS), and Tencent Music Entertainment Group (NYSE:TME) and others. Investors that want to know more about how Archegos Capital Management is affecting the market can check out the following links.
More Monday Stock News
- Chinese Stocks: The Archegos Drama That Has BIDU, GSX, VIPS, TME Stocks Moving
- CS, GS, NMR, MS, DB, UBS: Why Bank Stocks Are Stumbling This Morning
- Delisting Chinese Stocks? Why BIDU, VIPS and TME Stocks Continue to Fall
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.