GT Biopharma Inc (NASDAQ: GTBP) is up a whopping 150% at writing even though there hasn’t been any news to catalyse that sort of a rally in shares of the clinical-stage biopharmaceutical company.
GT Biopharma stock trading volume today
$GTBP did not publish a press release or file with the Securities & Exchange Commission on Monday. None of the Wall Street analysts issued a bullish note on it either.
Still, more than 20 million shares of the Nasdaq-listed firm have exchanged hands today as of writing. The daily trading volume is up massively from about 10,000 only on average.
The massive rally in GT Biopharma stock arrives only days after its management reported a loss of $1.64 per share for the first quarter.
Analysts, in comparison were at $2.70 a share.
$GTBP is a penny stock
A sharp surge in $GTBP this morning may be related to it being a penny stock that opens it up to manipulation by traders.
Note that the Nasdaq listed firm did not generate any revenue in its latest reported quarter which is to say the rally in its shares is not backed by fundamentals per se.
Investors, therefore, should take GT Biopharma stock with a pinch of salt as it could give back the entire gain just as easily in the coming days.
The biopharmaceutical firm had to opt for a 1-for-30 reverse stock split in February to remain listed on Nasdaq. $GTBP is not a very widely covered stock among Wall Street analysts.
The post What made GT Biopharma stock more than double on Monday? appeared first on Invezz