PHAXIAM Therapeutics (NASDAQ:PHXM) stock is taking off on Thursday despite a lack of news from the biopharmaceutical company.
There haven’t been any press releases or filings with the Securities and Exchange Commission (SEC) that explain why PHXM stock is up today. Additionally, there’s no new analyst coverage that would be behind the Thursday rally.
Even so, shares of PXHM stock are seeing incredibly heavy trading this morning. As of this writing, close to 4 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is only about 19,000 shares.
That’s worth noting, as PHXM is a penny stock. This comes from its low daily average trading volume, with a stock price of just 44 cents on Wednesday’s close, as well as its market capitalization of $28.016 million.
Why That Matters to PHXM Stock
Being a penny stock opens PHXM up to certain situations. For example, the company’s shares are subject to volatility due to how easy they are to acquire. As such, retail and day traders can easily pump and dump the shares. It’s possible that’s what’s going on with today’s heavy trading.
No matter the case, investors will want to be careful about taking a stake in PHXM stock today. While the shares are up now, it wouldn’t be surprising to see it lose much of that value throughout the day or over the next couple of days.
PHXM stock is up 37.3% as of Thursday morning.
There’s more stock market news traders will want to know about below!
We’ve got all of the latest stock market coverage to get traders through Thursday! Among that is why shares of Capri (NYSE:CPRI) stock are rising, the biggest pre-market stock movers this morning, and more. You can find all of this news at the following links!
More Stock Market News for Thursday
- Why Is Capri (CPRI) Stock Up 58% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
- Dear WKHS Stock Fans, Mark Your Calendars for Aug. 28
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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.
