Today, one of the small-capitalization stocks that’s crossing the radar of investors is Qualigen (NADSAQ:QLGN). Currently, QLGN stock has more than doubled on impressive volume.
The ultimate catalyst for today’s price action is hard to pinpoint. However, this is a stock that’s shown relatively high short interest in the past. Now, with just 6.7% of its float sold short, QLGN stock doesn’t scream “short squeeze” like many other stocks.
One of the reasons for the historical short interest around Qualigen is the company’s fundamentals. A number of reports citing high cash burn and the potential for capital raises on the horizon have some investors worried. Given the relative size of this company, any sort of meaningful capital raise could have negative consequences. Accordingly, this is a stock that’s generally been out of spotlight. In fact, QLGN stock lost more than two-thirds of its value year to date, before today’s rise.
That said, let’s dive into a few things investors may want to know about Qualigen as this company rockets higher.
What to Know About QLGN Stock
- Qualigen is a clinical-stage biotech company.
- This company is looking to “develop and commercialize innovative medical products” for patients with rare cancers.
- Qualigen has three prospective drug candidates in the discovery or preclinical stages of development.
- As a preclinical biotech stock, volatility is to be expected.
- However, the price action for QLGN stock indicates some significant interest in this stock, potentially from big money.
- Additionally, sentiment on various social media channels appears to be ultra-bullish right now.
- Accordingly, QLGN stock is one that investors may want to keep on their watch list right now.
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On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.