Elevai Labs (NASDAQ: ELAB) stock soared over 23% on Thursday with significant trading volume. The stock exchanged hands with 21,423,261 (21.42 million) shares, well above its daily average trading volume of 1.26 million.
This surge occurred without any recent news or announcements from Elevai Labs. The company has not released any new information or filings to account for the sudden rise, and analysts have not provided any coverage to explain the spike.
Investors should note that Elevai Labs falls into the category of penny stocks, with its prior closing price of 68 cents and a market capitalization of around $11 million. Penny stocks often carry certain risks, including susceptibility to manipulation by some investors, leading to pumps and dumps.
The rapid increase in ELAB stock without any apparent catalyst raises concerns of potential market manipulation. Traders are advised to exercise caution, as a dip in the stock may follow this unexplained rally.
Latest Announcement From Elevai Labs (NASDAQ: ELAB)
It’s important to highlight that on January 24, Elevai Labs (ELAB) made a significant announcement. The United States Patent & Trademark Office (USPTO) issued US Patent No. 11,878,038, titled “Exosome-based Skincare Product,” covering the primary formulation for ELEVAI’s exosome-based skincare products. These products, including ELEVAI’s enfinity™ and empower™ formulations, utilize exosomes derived from specially cultured and treated umbilical mesenchymal stem cells to generate a specific profile for desired applications.
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