InVivo Therapeutics (NASDAQ:NVIV) stock is rocketing higher on Thursday despite a lack of news concerning the clinical-stage biomaterials and biotechnology company.
What has NVIV stock on the rise today? It looks like investor speculation is behind the surge in price for shares. This has the stock experiencing incredible volatility on Thursday, resulting in trading being halted five times as of this writing.
Even with those trading halts, NVIV stock continues to see incredibly heavy trading volume today. As of this writing, more than 29 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is only about 12,600 shares.
This low average trading volume — as well as the company’s small market capitalization — make NVIV a penny stock. Even after doubling in value today, shares are only trading in the $11 range as of this writing.
Investors will want to keep that in mind when considering an investment in InVivo Therapeutics. It’s easy for retail and day traders to come together and pump the prices of these types of stocks before dumping them for profits.
Still, brave investors interested in InVivo Therapeutics will note its focus on spinal cord injuries. The company aims to develop advanced scaffold technology that allows it to modulate the healing environment to provide cell growth and survival.
NVIV stock is up more than 160% as of Thursday afternoon. Even after the rally, shares are down 11% year-to-date (YTD).
There’s more hot stock news for traders to sink their teeth into below!
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On the date of publication, William White 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.