PlasmaTech Biopharmaceuticals, Inc (NASDAQ: PTBI)
PlasmaTech Biopharmaceuticals is soaring higher on news that Activist Investor George Soros has taken a passive 5% stake in the company. Shares of PlasmaTech Biopharmaceuticals are currently trading higher by over 50% in the premarket on a very low float of 2.7 million.
The 13G filing can be viewed here
PlasmaTech Biopharmaceuticals creates cancer treatments for patients and plasma derived therapeutics. The company currently has a handful of different drugs in its pipeline that have very promising treatment possibilities.
Shares of Plasmatech Biopharmaceuticals prior to today were down from $23.5 a year ago, nearly a 90% decline.
As of 10:30 in New York, PTBI had traded over 11 million shares, or 4 times the outstanding float. This float rotation is common among small cap and low float stocks when they experience breaking news. The range of PTBI today has been 12% range.
By 3pm in New York $PTBI had traded over 50 million shares, or over 17 times the 2.7 million share float. The stock was up over 150% on the day at it’s highs. The stock no doubt provided many opportunities for traders and investors alike to profit.
Many traders recall the recent move of $VLTC which was lead by another activist investor taking a stake. Over the next few days it will be interesting to see how $PTBI plays out.
PlasmaTech Biopharmaceuticals is a developing story and more information will be added as it becomes available.