Sudden Bullish Activity for Moleculin Biotech (MBRX); FDA Puts Hold on Some Seattle Genetics’ (SGEN) Drug Trials
Shares of Moleculin Biotech Inc. (Nasdaq:MBRX) soared more than 83% to reach the $3.60 mark in early trade Tuesday, currently changing hands at $2.80, up $0.83 (or +42.25%) with a volume of 2.87M shares traded so far, representing a large increase in activity versus its average volume (3m) of 60,225 shares.
There appears to be no relevant recent news from the preclinical and clinical-stage pharmaceutical company in the street that may explain the sudden bullish activity in the stock.
Moleculin Biotech, which is focused on the development of anti-cancer drug candidates, has 12.05M shares outstanding and MBRX stock 52-week range is from $1.41 to $9.58 per share
Seattle Genetics, Inc. (Nasdaq:SGEN) shares plummeted Tuesday after the biotechnology company said that the U.S. Food and Drug Administration (FDA) has placed a clinical hold on several Phase 1 trials evaluating its vadastuximab talirine (SGN-CD33A) in acute myeloid leukemia.
During the trials in question, six patients presented hepatotoxicity, with four fatal incidents, according to Seattle Genetics.
SGEN stock is trading at $51.81, down $10.05 (or -16.25%) and 3.70M of its shares changed hands so far.
Seattle Genetics, which develops and commercializes targeted therapies for the treatment of cancer, has 141.55M shares outstanding and SGEN stock one-year range is between $26.02 and $75.36 per share
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