Conduit Pharmaceuticals (NASDAQ:CDT) stock is rocketing higher on Monday despite a lack of news from the biopharmaceutical company.
There are no new press releases or filings with the Securities and Exchange Commission (SEC) that explain why CDT stock is rising today. On that same note, there isn’t any new analyst coverage that would act as a catalyst for today’s rally.
Even so, shares of CDT stock are rising higher on Monday alongside heavy trading. This comes as more than 5.5 million shares of the stock changed hands this morning. For the record, that’s well above the company’s daily average trading volume of about 130,000 shares.
Investors will keep in mind that CDT is a penny stock. That comes from its low trading price of $1.02 when markets closed on Friday, as well as its market capitalization of $74.27 million.
What That Means for CDT Stock
With CDT being a penny stock, traders will want to be wary about any volatility the shares see. That’s especially true considering the lack of news concerning the company today.
These could be signs that CDT stock has been targeted by retail and day traders today. That means the stock is likely being pumped up by these traders before an eventual dump. That could leave some traders holding the bag.
CDT stock is up 65.7% as of Monday morning.
Investors seeking out even more of the most recent stock market news will want to keep reading!
We’re offering insight into all of the hottest stock market stories on Monday! Among that is what has shares of Miromatrix Medical (NASDAQ:MIRO) stock up, the biggest pre-market stock movers this morning and more. All of that news is ready to go down below!
More Stock Market News for Monday
- Why Is Miromatrix Medical (MIRO) Stock Up 235% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Monday
- INTC Stock Alert: Mentions of Intel Spike on Reddit
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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.
