Brainstorm Cell Therapeutics Inc (NASDAQ: BCLI)
“BrainStorm Cell Therapeutics to present positive NurOwn Phase 2a clinical data at American Academy of Neurology Annual Meeting” (BCLI): Co announced that results from its phase 2a study of NurOwn in amyotrophic lateral sclerosis. Analyses will be presented at the American Academy of Neurology in Washington D.C. from April 18-25, 2015.
BrainStorm has completed two clinical trials of the neurotrophic factor-secreting mesenchymal stem cells in Israel, and is currently enrolling a randomized, double-blind, placebo-controlled phase 2 study at three centers in the United States.
Premarket shares gapped up on the news and, were up 17% at $5.40 (+0.70). The stock was struggling to hold its gains above $5.30, which could be some rear term resistance. The stock has a 52 week range from $2.81-8.47. BrainStorm is a popular stock especially among Day Traders. The company has a Market Cap of 83mil and an outstanding float of just 14.5mil shares. The low float represents a very limited supply. When the company releases positive news and traders are buying up shares the limited supply results in extreme swings both to the upside and downside. On January 2nd 2015 the company issued a press release and the stock surged up over 100% vs the previous days close. These types of extreme moves are common among low float stocks in the biotech sector. Traders clamor to get in and get a piece of the big move.
Prior to the news today, shares spiked more than 6 percent last Friday morning after Dr. Sanjay Gupta tweeted last week,
— Dr. Sanjay Gupta (@drsanjaygupta) April 10, 2015
About BrainStorm Cell Therapeutics, Inc.
BrainStorm Cell Therapeutics Inc. is a biotechnology company engaged in the development of first-of-its-kind adult stem cell therapies derived from autologous bone marrow cells for the treatment of neurodegenerative diseases. The Company holds the rights to develop and commercialize its NurOwn® technology through an exclusive, worldwide licensing agreement with Ramot, the technology transfer company of Tel Aviv University. For more information, visit the company’s website at (www.brainstorm-cell.com).