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Why Is Plus Therapeutics (PSTV) Stock Up 56% Today?

  • Plus Therapeutics (PSTV) stock is rising alongside news of a $17.6 million grant.
  • The grant is for the development of its leptomeningeal metastases treatment.
  • This news has resulted in heavy trading of PSTV stock today.
DNA strand and Cancer Cell Oncology Research Concept 3D rendering. AYLA stock

Source: CI Photos / Shutterstock.com

Plus Therapeutics (NASDAQ:PSTV) stock is in the news Thursday as investors react to the company getting a $17.6 million grant.

This Product Development Research grant comes from the Cancer Prevention and Research Institute of Texas. The funding is being awarded to Plus Therapeutics to help complete its development of Rhenium-186 NanoLiposome.

Rhenium-186 NanoLiposome is the company’s lead investigational drug candidate. The drug is being developed to treat patients suffering from leptomeningeal metastases, which is cancer found in cerebrospinal fluid.

Dr. Andrew Brenner, Principal Investigator in the ReSPECT-LM Trial, said the following in a news release:

“Leptomeningeal metastases is a difficult and growing problem for patients with a variety of cancers and 186RNL represents a promising new potential option […] Though still relatively early in development, the clinical data is compelling and I am pleased to see that CPRIT has recognized this novel therapy by virtue of this substantial award.”

News of this grant has PSTV stock seeing incredibly heavy trading on Thursday. As of this writing, more than 57 million shares have traded hands. That’s a massive leap over the daily average trading volume of about 1.4 million shares.

PSTV stock is up 56% as of Thursday morning.

There’s more recent stock market news for traders to dive into below!

We’ve got all of the latest stock market coverage for investors to read on Thursday! A few examples include why shares of Vinco Ventures (NASDAQ:BBIG), Kohl’s (NYSE:KSS) and Faraday Future (NASDAQ:FFIE) stock are moving today. You can get more details from the following links!

More Stock Market News for Thursday

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Read More:Penny Stocks — How to Profit Without Getting Scammed

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.


Article printed from InvestorPlace Media, https://investorplace.com/2022/08/why-is-plus-therapeutics-pstv-stock-up-56-today/.

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