Rubius Therapeutics (NASDAQ:RUBY) stock is heading higher on Tuesday despite a lack of news from the cellular medicines company.
Instead, it looks like increasing interest from traders is behind today’s gains as heavy trading takes place. This has more than 13 million shares of the company’s stock changing hands as of this writing. Investors will note that the company’s daily average trading volume is only about 1.3 million shares.
Another thing traders will want to keep in mind is RUBY’s status as a penny stock. That comes from its price of only about 20 cents per share, as well as the company’s market capitalization of $17.171 million.
That matters as penny stocks are more easily affected by strong trading volume. That’s especially true during pre-market trading as certain investors use that time to pump up shares before dumping them. It’s possible that’s what’s happening with RUBY stock today.
What Is Rubius Therapeutics?
Rubius Therapeutics stock is a medical company focused on creating red blood cells and transforming them into cellular medicines. It targets cancer and autoimmune diseases with its red blood cell treatments.
Rubius Therapeutics was founded in 2013 and operates out of its headquarters in Cambridge, Mass. Shares of RUBY stock started trading back in 2018 after the company completed an initial public offering (IPO). It currently has only nine employees.
RUBY stock is up 35.3% as of Tuesday morning.
Investors seeking more recent stock market news will want to stick around!
InvestorPlace has them covered with all of the hottest stock market news traders need to know about on Tuesday! That includes why shares of Palantir Technologies (NYSE:PLTR) stock are rising, the biggest pre-market stock movers this morning, and more. All of that news is ready to go below!
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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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