- The stock price of Rubius Therapeutics (RUBY) surged by over 25% pre-market today. This is why.
The stock price of Rubius Therapeutics (RUBY) surged by over 25% pre-market today.
Why: There are no company-specific reports or regulatory filings so it appears there are external factors at play
Details: Investors on stock trading forums have been citing a dead cat bounce.
What is a dead cat bounce: A dead cat bounce is a temporary recovery in a stock following a substantial fall – which is caused by speculators buying in order to cover positions
Other details: Earlier this month, Rubius Therapeutics announced a major business update, including:
— Implementing a 75% reduction in force, primarily focused on clinical development, manufacturing and general and administrative;
— Discontinuing its ongoing Phase 1 clinical trials of RTX-240 and RTX-224 for the treatment of advanced solid tumors; and
— Exploring the sale of its manufacturing facility in Smithfield, Rhode Island