Shares of Synthetic Biologics (SYN) increased 130%. However, the company has released no news today that could propel the stock this far.
On Monday, SYN stock recorded one of its biggest 1-day moves in recent months. The penny stock rallied from under $0.40 to highs of $0.5618 on heavy volume. While there weren’t any headlines to accompany the move, attention could be focusing on previously reported upcoming milestones.
Toward the end of December, Synthetic announced receipt of approval from the Institutional Review Board at Washington University School of Medicine in St. Louis, to begin its Phase 1b/2a clinical trial of SYN-004 (ribaxamase).
The trial will focus on allogeneic hematopoietic cell transplant (HCT) recipients. Here’s the speculative part to note: because of this, the company said it “expects to commence patient enrollment for the Phase 1b/2a clinical trial in the first quarter of 2021.”
Considering the excitement we’re seeing in small-cap biotech stocks, SYN has caught a similar wave. The biggest question now is can the momentum continue or is SYN set for a pullback after this massive run this week?