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Genocea Biosciences Rallies 50% On ASCO Presentation

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Genocea Biosciences Rallies 50% On ASCO Presentation

Genocea Biosciences (NASDAQ: GNCA) shares rallied higher after the company presented results from lead neoantigen vaccine at the annual meeting of the American Society of Clinical Oncology 2019.

Genocea Biosciences develops personalized cancer immunotherapies and announced clinical results from its ongoing Phase 1/2a trial for GEN-009, the company’s neoantigen vaccine candidate.

The stock traded higher by 48 percent at $8.34 per share Monday afternoon.

Why It's Important

Genocea Biosciences shares were up 90 percent on Friday. The company's market cap at Friday's close was just under $80 million; It's at $117 million Mondy afternoon.

There are 8 million shares in Genocea Biosciences float, which means the company is on low-float territory. It's possible the stock could be trading on momentum.

Other low-float stocks which showed similar volatile behavior last week included Obalon Therapeutics Inc (NASDAQ: OBLN), which traded higher following a questionabel takeover rumor. Heat Biologics Inc (NASDAQ: HTBX) shares traded sharply higher after the circulation of a document from the World Intellectual Property Organization's PatentScope highlighting lung cancer treatment.

Penny stocks with a low float of under 20 million shares are susceptible to trader manipulation.

Posted-In: ASCO Low FloatNews

 

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