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Why Is Altamira Therapeutics (CYTO) Stock Up 28% Today?

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  • Altamira Therapeutics (CYTO) stock is rising without news on Friday.
  • However, the company’s shares are seeing heavy trading this morning.
  • Its penny stock status is likely playing a part in that movement.
CYTO Stock - Why Is Altamira Therapeutics (CYTO) Stock Up 28% Today?

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Altamira Therapeutics (NASDAQ:CYTO) stock is rising higher on Friday despite a lack of news from the biopharmaceutical company.

There are no new press releases or filings with the U.S. Securities and Exchange Commission (SEC) that explain why the stock is up today. On that same note, no analysts are offering new coverage of the stock that would cause this rally.

Even so, shares of CYTO stock are seeing incredibly heavy trading this morning. As of this writing, more than 5.6 million shares have changed hands. For the record, its daily average trading volume is closer to 435,000 shares.

One thing that investors will want to keep in mind about CYTO is that it’s a penny stock. This comes from its low closing price of 16 cents per share yesterday and its market capitalization of $1.3 million.

What That Means for CYTO Stock

Considering its penny stock status, it’s not too surprising that CYTO is rising alongside heavy trading this morning. Penny stocks are often volatile and that’s extra true outside of normal trading hours.

When there’s no news like today, that movement is usually the result of certain traders pumping the shares before a dump. That means investors will want to be careful before taking a stake in Altamira Therapeutics today.

CYTO stock is up 27.5% as of Friday morning.

Investors seeking out even more of the most recent stock market news will want to stick around!

We’re offering up insight into all of the hottest stock market news for Friday! That includes the biggest pre-market stock movers this morning, the latest on Nikola (NASDAQ:NKLA) stock and more. All of that news is ready to fo down below!

More Friday Stock Market News

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 risks. 

Read More:Penny Stocks — How to Profit Without Getting Scammed

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.


Article printed from InvestorPlace Media, https://investorplace.com/2023/11/why-is-altamira-therapeutics-cyto-stock-up-28-today/.

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