Vaccinex (NASDAQ:VCNX) stock is rocketing higher on Tuesday despite a lack of news from the clinical-stage biotechnology company.
Instead, it looks like today’s gains come from increased interest from investors. That brings with it heavy trading of VCNX stock. As of this writing, more than 7 million shares of the stock have changed hands. That’s a massive surge next to its daily average trading volume of only about 58,000 shares.
Investors looking for news about VCNX stock will note there have been no new press releases or U.S. Securities and Exchange Commission (SEC) filings from the company recently. So what’s behind today’s rally?
It could be retail traders pumping the stock higher this morning. VCNX’s low trading volume, combined with its market capitalization of $29.43 and price below $1 per share, makes it ripe for manipulation.
To go along with that, the heavy trading volume and rally are taking place during pre-market hours. Yet again, penny stocks are often more volatile during this time as certain traders buy and sell their shares.
What Is VCNX All About?
Vaccinex is a clinical-stage biotechnology company focused on treating neurodegenerative diseases. It seeks to do so through the inhibition of semaphorin 4D (SEMA4D). This has it developing pepinemab to block SEMA4D. That could make it effective in treating Huntington’s, Alzheimer’s, and other neurodegenerative diseases.
VCNX stock is up 67.3% as of Tuesday morning.
Investors seeking out more of the latest stock market news are in the right place!
InvestorPlace is home to all of the hottest stock market news on Tuesday! That includes the biggest pre-market stock movers this morning, as well as the latest on SoundHound AI (NASDAQ:SOUN) and a potential stock market crash. You can read up on that at the links below!
More Tuesday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
- 5 Investors Betting Big on SoundHound AI (SOUN) Stock
- Stock Market Crash Alert: The End of the Stock Market Could Come in 2050
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Read More: Penny Stocks — How to Profit Without Getting Scammed
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.