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Why Did Lixte Biotechnology Gap Up 100% Today?

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Why Did Lixte Biotechnology Gap Up 100% Today?

Lixte Biotechnology (NASDAQ: LIXT) shares rose more than 100% percent in Friday’s premarket session. Lixte holdings is a drug discovery company focused on creating drugs that will help patients with cancer. Lixte’s main product in the pipeline is, per the company’s website, “a developed unique, proprietary, first in-class protein phosphatase inhibitor, LB-100.” There has been no news released by the company today to explain the rapid increase in price. Friday’s premarket session saw lows of $3.73 and highs of $8.50.

Technical Levels

Stocks gapping up as much as 100% can be tough for a technical trader to find speculative levels of support and resistance.

Premarket highs and lows are typically a good place to start for the technical trader looking for short term speculative support and resistance. Lixte had premarket highs of $8.50, and lows of $3.73 as shown in the one minute chart below. Lixte also saw a nice bounce off of the $4.50 level during premarket which could be another speculative support for the bullish technical trader. The stock has a small float of only 4.5 million shares.

 

 

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