Ocean Biomedical (NASDAQ:OCEA) stock is rising higher on Wednesday after the medical company announced a price target increase from Fundamental Research.
According to Ocean Biomedical, the latest report from Fundamental Research comes with a price target for OCEA stock of $17.63 per share. To put that in perspective, its prior price target for OCEA was $16.40 per share.
For the record, shares of OCEA closed out trading on Tuesday at $5.32 per share. Based on that, Fundamental Research expects the price of shares to increase by more than 200% over the next 12 months.
What’s Behind the Increased OCEA Stock Price Target?
Fundamental Research pointed to several factors that explain why it increased its price target for OCEA. That includes data from an independent study which showed that its antibodies were capable of suppressing glioblastoma brain tumor growth by 60%.
To go along with this, Fundamental Research highlighted that Ocean Biomedical is moving forward with plans for IND-enabling studies. The goal here is to use data from these studies to submit applications to the U.S. Food and Drug Administration (FDA) for human trials.
With today’s news comes a spike in trading for OCEA shares. As of this writing, more than 33 million shares have changed hands. That’s quite the increase compared to its daily average trading volume of about 1.4 million shares.
OCEA stock is up 25.9% as of Wednesday morning.
Investors looking for more of the most recent stock market news are in luck!
We have all of the biggest stock market stories that traders need to read about on Wednesday! Among our coverage is what’s moving shares of Virgin Galactic (NYSE:SPCE), Eightco Holdings (NASDAQ:OCTO) and Mullen Automotive (NASDAQ:MULN) stock today. You can get up to speed on all of this news at the following links!
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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.
