BTX Stock: Over 30% Increase Intraday Explanation

By Amit Chowdhry ● Apr 23, 2021
  • The stock price of Brooklyn ImmunoTherapeutics LLC (NYSE American: BTX) increased by over 30% during intraday trading. This is why it happened.

The stock price of Brooklyn ImmunoTherapeutics LLC (NYSE American: BTX) – a biopharmaceutical company focused on exploring the role that cytokine-based therapy can have in treating patients with cancer – increased by over 30% during intraday trading. This appears to be a continuation of upwards momentum from earlier this month. 

In the middle of the month, Brooklyn ImmunoTherapeutics had announced it paid $1 million towards the acquisition of a license for Factor Bioscience’s and Novellus’ mRNA Gene Editing and Cell Therapies technology and has extended through May 21, 2021 its option exercise period for entering into a related license agreement with Factor Bioscience and Novellus.

And investors have been confident about the company’s CEO — which was announced earlier this month. Howard J. Federoff, M.D., Ph.D. was named CEO, President, and a director as of April 16, 2021. Dr. Federoff had succeeded Ronald Guido — who was serving as Interim CEO and will remain on Brooklyn’s management team as Chief Development Officer.

Some retail investors have also cited a sympathy play with Ocugen (OCGN), which is a clinical-stage biopharmaceutical company that focuses on the developing gene therapies to cure blindness diseases. Ocugen is also trading at more than 30% today due to a bullish research report triggered by positive results over a COVID-19 vaccine. 

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.