Zura Bio (NASDAQ:ZURA) stock is on the rise Tuesday alongside a couple of positive pieces of news from the clinical-stage biotechnology company.
First off, investors will note that Zura Bio completed a private placement that saw it raise $80 million. The company says that these funds will allow it to move forward with a Phase 2 clinical trial of ZB-106 in systemic sclerosis and hidradenitis suppurativa after that.
Dr. Someit Sidhu, CEO of Zura Bio, said the following about the funding news:
“To complete the financing is a key milestone. Achieving our cash targets puts us in a great position to progress important clinical development programs and we are excited to move our operations forward as a result.”
Insider Buying Boosts ZURA Stock
Additionally, Zura Bio director Amit Munshi is also lifting shares up today with their recent acquisition of more shares. The company director bought another 118,000 shares of ZURA stock for $4.25 each. That represents a $500,000 purchase that brings his total holdings to 617,000 shares.
Both of these bits of news are inspiring investors to acquire more shares of ZURA stock today. This has it seeing heavy trading as some 1.7 million shares change hands. To put that in perspective, the company’s daily average trading volume is about 703,000 shares.
ZURA stock is up 8.8% as of Tuesday morning.
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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.