BioNexus (NASDAQ:BGLC) stock is rocketing higher on Tuesday despite a lack of news concerning the chemical raw material products company.
Instead, traders are seeing shares of BGLC stock rally this morning alongside heavy trading. That has more than 32 million shares changing hands as of this writing. To put that number in perspective, the daily average trading volume for BioNexus shares is closer to 2 million units.
There are no new press releases or filings with the U.S. Securities and Exchange Commission (SEC) that explain why BGLC stock is seeing so much activity today. No analysts are offering recent coverage of the shares, either.
What’s Behind the BGLC Stock Rally?
It’s possible all of this movement surrounding BioNexus shares today has to do with speculative traders. The company’s float was sitting at about 10.12 million shares at the time of this writing. Considering how many units have traded today, it makes sense this would cause volatility.
On that same note, BioNexus shares are firmly in penny stock territory. That comes from its prior closing price of just 41 cents and its market capitalization of about $26 million as of this writing.
Retail and day traders may be pouring into BGLC stock today to pump up the shares. With that in mind, investors will want to be careful about taking a stake in the company, as a dump could happen soon.
BGLC stock is up 323.3% as of Tuesday morning.
Investors who are seeking out even more of the most recent stock market stories today are going to want to stick around!
We are offering up coverage of the biggest stock market news worth reading about on Tuesday! Among that is Meta Materials (NASDAQ:MMAT) stock regaining listing compliance, Beamr Imaging (NASDAQ:BMR) stock continuing a rally and Carl Icahn taking a stake in JetBlue (NASDAQ:JBLU). You can read up on all of these topics at the links below!
More Tuesday Stock Market News
- Meta Materials Regains Nasdaq Listing Compliance
- BMR Stock Alert: Beamr Announces $12 Million Offering After Giant Surge
- Carl Icahn Is Betting Big on JetBlue (JBLU) Stock
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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.
