Scinai Immunotherapeutics (NASDAQ:SCNI) stock is rocketing higher on Monday alongside heavy pre-market trading of the development-stage biopharmaceutical company’s shares this morning.
This has more than 7 million shares of SCNI stock changing hands as of this writing. That’s a massive surge in trading volume compared to Scinai Immunotherapeutics’ daily average of about 44,000 shares.
Scinai Immunotherapeutics didn’t release any news today that would explain its latest. The most recent news from the company includes a Letter of Intent from the European Investment Bank. This has it planning to convert the company’s debt to equity. That news came out on Thursday.
What Has SCNI Stock Trading Today?
It’s possible that the penny stock nature of SCNI is behind today’s rally. The company’s market capitalization is only $2.028 million and its daily average trading volume is incredibly low.
Penny stocks are often volatile and this may be affecting SCNI shares today. It could also be a sign that retail and day traders have taken an interest in the company. No matter the case, an investment in SCHI stock might be risky right now.
SCNI stock is up 88% as of Monday morning. The shares were down 42.8% year-to-date when markets closed on Friday.
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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.
