DNA Biotech Company Rockets Higher
April 15 2019 - How This Highly Rated Biotech Stock Added To Its Meteoric Run By Investors Business Daily
Bio-Path Holdings (BPTH) rocketed Monday after the biotech withdrew its late December offering for stocks and warrants.
In afternoon action on today's stock market, Bio-Path stock flew 36.1% near 21.30, in higher-than-average volume. Bio-Path stock is on a run this year. Shares have popped 347% since the beginning of the year, as of Friday's close.
On Dec. 27, when shares traded at 3.32, the company registered an offering with the Securities and Exchange Commission for common stock and warrants. It withdrew that offer in a subsequent filing on Friday. That lowered supply, helping boost shares.
"The company submits this request for withdrawal because the company has elected not to pursue the sale of securities pursuant to the registration statement at this time," Bio-Path said in an SEC filing on Friday.
Bio-Path Stock Is Flying This Year
Bio-Path is working on a number of cancer treatments.
On March 6, the biotech unveiled strong data for a test in acute myeloid leukemia, and Bio-Path stock soared more than 223%. The drug aims to block the production of a specific protein found on cancer cells. This protein can cause cancer cells to growth and proliferate.
Amid the meteoric flight, the company earned $18.5 million in an offering of common stock on March 12. Then, the biotech offered 712,910 shares of Bio-Path stock for $25.95 per share. The firm planned to use the proceeds for working capital and generate corporate purposes.
Despite its massive rise this year, Bio-Path stock isn't currently forming any definitive chart patterns. Shares have a best-possible Relative Strength Rating of 99, meaning Bio-Path trades in the top 1% of all stocks in terms of 12-month performance.
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