Why Is Apexigen (APGN) Stock Up 97% Today?

  • Apexigen (APGN) stock is rocketing higher on new analyst coverage.
  • This comes from the capital market firm EF Hutton Acquisition (EFHT).
  • APGN shares are also seeing heavy trading on Monday.
APGN Stock - Why Is Apexigen (APGN) Stock Up 97% Today?

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Apexigen (NASDAQ:APGN) stock is rocketing higher on Monday following new coverage of the company from an analyst with EF Hutton Acquisition (NASDAQ:EFHT).

EF Hutton’s coverage of APGN stock started with a “buy” rating. To put that in perspective, the analyst consensus rating for APGN shares sits at “buy.” That’s based on three “buy” ratings for the stock from analysts.

To go along with that, EF Hutton also set a price target of $8 per share for APGN stock. This represents a potential upside of 809% compared to the company’s closing price on Friday.

While the new coverage from EF Hutton was initiated on Jan. 4, it’s only now having a major effect on the company’s shares. That’s likely due to today’s heavy trading volume, which comes in at 65 million shares as of this writing. For the record, the company’s daily average trading volume is about 28,000 shares.

What Does Apexigen Do?

Apexigen is a clinical-stage biopharmaceutical company. Its focus is on the development of a new generation of antibody therapeutics for the treatment of cancer. This has it giving special attention to immuno-oncology products that make use of a patient’s immune system to battle cancer.

APGN stock is up 96.8% as of Monday afternoon.

There’s more recent stock market news traders can learn about below!

We’ve got all of the latest stock news for traders to read up on Monday! Among that is what has shares of Party City (NYSE:PRTY) stock, Mullen Automotive (NASDAQ:MULN) stock, and Voyager Therapeutics (NASDAQ:VYGR) stock moving today. You can learn more on these matters at the links below!

More Monday Stock Market News

On the date of publication, William White 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.

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