Onconetix (NASDAQ:ONCO) stock is taking off on Thursday alongside heavy pre-market trading of the biotechnology company’s shares.
This has more than 38 million shares of ONCO stock changing hands as of this writing. That’s well above its daily average trading volume of about 5.5 million shares. Investors will also note the company’s float is 21.71 million units.
This comes without any clear news from the company this morning. No Onconetix press releases or filings explain today’s movement, and no analyst coverage is behind this rally.
What is worth noting is ONCO’s status as a penny stock. This comes from its prior closing price of only 15 cents per share and its market capitalization of just $4.439 million.
What That Means for ONCO Stock
Being a penny stock comes with certain risks, including volatility. This can come from speculative traders or retail and day traders performing a pump-and-dump.
Considering the lack of news, heavy trading and ONCO being a penny stock, this might be what’s happening today. This means that traders will want to be careful about taking a stake in the company right now.
ONCO stock is up 35.6% as of Thursday morning. The shares were down 25.5% year-to-date when markets closed yesterday.
Investors will want to stick around for more of the most recent stock market stories!
We have all of the hottest stock market news ready to go on Thursday! Among that is what has shares of Chuy’s (NASDAQ:CHUY) stock up, the biggest pre-market stock movers and more. All of this news is ready at the links below!
More Stock Market News for Thursday
- Why Is Chuy’s (CHUY) Stock Up 47% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
- Intel Stock Pops After Trump Sinks TSM. What’s Going On?
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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.
