There’s a tidal wave of buying activity with Ocean Biomedical (NASDAQ:OCEA) stock today. Why are financial traders so enthused about OCEA stock? Evidently, it’s because the company published a press release highlighting Ocean Biomedical’s potential antibody-focused treatment for certain cancer types.
Based in Rhode Island, Ocean Biomedical is a biopharmaceutical company seeking to address lung cancer, brain cancer, pulmonary fibrosis and malaria. This morning’s announcement from Ocean Biomedical celebrates the discovery of antibodies that target Chitinase 3-like-1 (CHI3L1) and immune checkpoint inhibitors.
CHI3L1 is, according to Ocean Biomedical, a gene that can regulate “a number of key cancer-causing pathways.” The company claims to have generated antibodies that target CHI3L1 along with other cancer-contributive agents.
Ocean Biomedical reports the specified antibodies that target CHI3L1 can kill glioblastoma cells and melanoma cells. Plus, they can block the “metastasis of malignant melanoma cells to the lung by over 90%.”
What’s Happening With OCEA Stock?
Amazingly, OCEA stock was up as much as 400% as of 11:00 a.m. Eastern today. Over 14 million shares had traded hands by that time, while the daily average volume is only around 200,000 shares.
Perhaps today’s financial traders are assessing the medical implications of Ocean Biomedical’s proposed pathway to treat specified cancer types. Ocean Biomedical co-founder and Executive Chairman Chirinjeev Kathuria explains:
“Non-small cell lung cancer (NSCLC) is the leading cause of cancer death and second most diagnosed cancer in the US. Glioblastoma multiforme (GBM) is a lethal type of brain tumor that affects approximately 28,000 people in the U.S.”
Furthermore, CHI3L1 is a “critical regulator of a number of key cancer-causing pathways.” It “has the potential to save thousands of lives of people effected from NSCLC and GBM,” Kathuria emphasizes.
More likely, however, traders are focused on the financial possibilities. Suren Ajjarapu, one of Ocean Biomedical’s directors, asserts, “This discovery and others will lead to long term shareholder value growth and appreciation.” Clearly, many OCEA stock investors concur with this assessment, as they’re buying shares quickly today.
On the date of publication, David Moadel 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.
