NKGen Biotech (NASDAQ: NKGN) stock more than doubled on Wednesday amidst a lack of evident catalysts or company-specific news.
NKGen Biotech (NKGN) witnessed a surge in trading activity on Wednesday, with 105,788,258 (105.78 million) shares changing hands, significantly surpassing the average daily trading volume of 92.63K.
The significant uptick in trading activity comes amidst a lack of discernible catalysts, with no press releases or filings accounting for the sudden surge in NKGN stock. The latest update from the company, issued on Monday, merely hinted at an upcoming presentation.
NKGen Biotech plans to host a presentation at the Tau2024 Global Conference on March 25 and 26. The presentation will delve into the impact of SNK01 NK cell therapy on CSF proteins, plasma proteins, and cognitive function in patients with advanced Alzheimer’s disease.
The recent rally in NKGen Biotech’s stock could be due to its penny stock status. There’s also a possibility that retail and day traders are showing interest in the company following its presentation announcement.
NKGN shares soared 112.30% to close at $1.83 on Wednesday. The stock was down 71.6% year-to-date when markets closed on Tuesday.
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