Lixte Biotechnology(LIXT) shares increased more than 100% percent in Friday’s premarket session. Lixte holdings is a technology company that focuses on drug discovery and creates drugs that will help patients with cancer. Lixte’s primary product in the pipeline is, according to the company’s website, “a developed unique, proprietary, first in-class protein phosphatase inhibitor, LB-100.” There has been no news reported by the company on Friday to explain the rapid increase in price. Nevertheless, Friday’s premarket session saw lows of $3.73 and highs of $8.50.
Stocks gapping up as much as 100% can be tough for a technical analysis trader to find speculative levels of support and resistance.
Premarket highs and lows are the best place to start for the technical trader looking for short term speculative support and resistance. Lixte had premarket highs of $8.50, and lows of $3.73 as seen in the one minute chart below. Lixte also saw a great bounce off of the $4.50 level during premarket which could be marked as another speculative support for the bullish technical trader. The stock has a small float of only 4.5 million shares.
Lixte Biotechnology Holdings, Inc. (Lixte)
“A publicly traded (OTCQB: LIXT) drug discovery company, Lixte has a developed unique, proprietary, first in-class protein phosphatase inhibitor, LB-100, that has potential widespread use as an anti-cancer agent alone and in combination with standard anti-cancer cytotoxic drugs, radiation, and immune checkpoint blockers.
The protein phosphatases are ubiquitous enzymes that regulate many signaling networks important to cell growth, division and death. These enzymes, especially protein phosphatase 2A (PP2A) have long been appreciated as potentially important targets for anti-cancer drugs but, because of their multi-functionality, it has been believed that their inhibition would be too toxic for clinical use. Lixte has shown that this is not the case. In a Phase 1 clinical trial, the lead clinical compound, LB-100, an inhibitor of protein phosphatase PP2A, was well tolerated at doses associated with objective regression (significant tumor shrinkage) and/or arrest of tumor progression in patients with advancing cancers despite best available standard therapy.”