Key points:
- Kiromic Bio stock price rallied 38.8% despite the lack of announcements.
- The shares came under significant buying pressure to cross the $1 mark.
- However, penny stocks are risky investments since they can quickly go bust.
The Kiromic Biopharma Inc (NASDAQ: KRBP) stock price rallied 38.8% during premarket trading despite the lack of announcements from the biotech company.
The move higher was driven by aggressive buying as 1.57 million shares changed hands during premarket trading.
There was significant demand for Kiromic’s shares among investors interested in owning a stake in the company. However, it is unclear whether the move was driven by one large buyer or many smaller buyers.
Also read: The Best Biotech Penny Stocks Under $5 to Buy Right Now.
Still, today’s rally pushed Kiromic’s share price above the $1 mark, allowing it to meet Nasdaq’s listing requirements without performing a reverse stock split.
Investors will be relieved to see KRBP shares trading above the $1 mark, and many hope that today’s rally will translate into a sustained move higher.
The last major announcement from Kiromic was regarding the appointment of Pietro Bersani as the company’s interim CEO on February 3, 2022, to replace Dr Maurizio Chiriva, who had relinquished his CEO and chairman roles on January 27, 2022.
Dr Maurizio Chiriva, Kiromic’s interim CEO, said: “I have been a member of the Kiromic Board of Directors since 2020, and I feel privileged to now lead this Company during this very pivotal year ahead. We have tremendous science and a very important milestone to reach in the coming months. The Kiromic leadership team is laser-focused on realizing our goal of first-in-human dosing and initiating clinical trials.”
Kiromic has two cancer drug candidates in the preclinical trials stage with its ALEXIS – PRO-1 Procel drug targeting solid tumours identified as PD-L1 scheduled to enter phase 1 human trials in 2022.
The firm’s second drug candidate also targets solid tumours known as Isoform of Mesothelin, scheduled to start first-in-human trials in 2023. Its pancreatic cancer drug candidate has completed phase 1 human clinical trials and could proceed further.
Therefore, the biotech firm has significant potential if its drug candidates progress.
However, there is always a risk associated with penny stocks in that such companies can quickly go bankrupt at any time. Furthermore, Penny stocks are usually companies without a proven product or stable revenue stream; hence, they are risky investments.
*This is not investment advice. Always do your due diligence before making investment decisions.
Kiromic Biopharma stock price.
Kiromic Biopharma stock had risen 38.81% premarket to trade at $1.09, rising from Wednesday's closing price of $0.79.
