Cadrenal Therapeutics (NASDAQ:CVKD) stock is taking off on Wednesday despite a lack of news from the biopharmaceutical company.
There have been no new press releases from Cadrenal Therapeutics that explain why its stock is up today. The same holds true for filings with the Securities and Exchange Commission (SEC). Likewise, no analysts have given the stock coverage recently.
Instead, traders can point toward heavy trading volume as the reason behind the CVKD stock rally today. As of this writing, more than 4 million shares of the company’s stock have changed hands. For the record, that’s already well above its daily average trading volume of about 86,000 shares.
That low daily average trading volume is also worth noting. Combined with the company’s prior closing price of $1.74 per share and its market capitalization of $20.398 million, it makes CVKD a penny stock.
Why That Matters for CVKD Stock
Penny stocks are oftentimes subject to volatility. This is typically due to certain types of traders manipulating the shares for quick gains. This is especially true when we see these kinds of rallies outside of normal trading hours.
This means that investors will want to be careful about taking a stake in CVKD stock right now. While the stock is currently up, it might not stay that way throughout the day.
CVKD stock is up 71.3% as of Wednesday morning.
Investors looking for even more of the most recent stock market stories will want to stick around!
We’re offering up all of the hottest stock market news traders need to know about on Wednesday! Among that is what has shares of Healthcare Triangle (NASDAQ:HCTI) stock up, the biggest pre-market stock movers this morning, and more. You can find all of this news at the following links!
More Wednesday Stock Market News
- Why Is Healthcare Triangle (HCTI) Stock Up 124% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
- Dear SOFI Stock Fans, Mark Your Calendars for July 31
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risk.
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.
