One of today’s big movers is Sunshine Biopharma (NASDAQ:SBFM). Any stock that appreciates 160%-plus on a given day is worth checking out. Today, investors in SBFM stock are seeing such a move, on incredible volume.
While this move is happening on little news, it’s clear that a few factors are likely behind it. First of all, the broader stock market is absolutely soaring today. Surging interest in risk equities has come about as the potential for a quick resolution to the Russia-Ukraine conflict appears to be a possibility. This has meant that smaller-cap, higher-volatility stocks in the biotech space have seen impressive interest.
For a company like Sunshine Biopharma — with a market capitalization of around $18 million (after today’s rise) — its low float and high interest could result in such short-term spikes. Social media chatter has picked up on the name, too, as investors pile into this momentum trade. Thus far, SBFM stock has been an absolute beast, continuing higher in early afternoon trading.
For those interested in what Sunshine Biopharma does, let’s dive into the company a bit more.
What to Know About SBFM Stock
- Sunshine Biopharma is a Canada-based pharmaceutical company focused on developing anti-cancer drugs.
- This company has a range of cancer drugs currently in the early stages of development.
- Accordingly, as the company provides clinical updates, more volatility can be expected.
- What’s more, SBFM has an anti-coronavirus drug treatment that has gained significant attention.
- Various partnerships for licensing the development of this drug are underway.
- Currently, Sunshine Biopharma is not yet profitable.
- However, the company’s leverage to the biotech space has made SBFM stock a compelling trading vehicle for micro-cap investors of late.
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On the date of publication, Chris MacDonald did not hold (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.