Evelo Biosciences (NASDAQ:EVLO) stock is rising higher on Tuesday after the clinical-stage biotechnology company reached a new standstill agreement with Horizon Technology Finance (NASDAQ:HRZN) last week.
This agreement builds on a prior one the two companies reached back in December 2022. That saw Horizon Technology Finance agreeing not to exercise any and all remedies available to it under the current loan agreement.
This has resulted in two extensions of the standstill agreement over the last couple of days. The first ended at 9:59 p.m. Eastern on June 14, while the latest ended at that same time on June 16. That was the most recent day of trading, considering the extended holiday weekend.
What This Means for EVLO Stock
While those new standstill agreements have already ended, the news is bringing extra attention to EVLO stock these last few days. With that comes heavy trading this morning as some 17.6 million shares change hands. To put that in perspective, the company’s daily average trading volume is roughly 7.2 million shares.
Today’s movement mimics what traders saw happen on Friday. When the company closed out normal trading hours that day, some 163 million shares had changed hands, resulting in an almost 48% rally.
EVLO stock is up 51.3% as of Tuesday morning.
Investors seeking out more of the most recent stock market news will want to stick around!
We have all of the hottest stock market news that traders need to know about on Tuesday! Among that is what’s moving EBET (NASDAQ:EBET) stock, the biggest pre-market stock movers this morning and more. All of this news is available at the following links!
More Stock Market News For Tuesday
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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.
