Shares of Moleculin Biotech Inc. rocketed 54% in active morning trade Thursday, enough to make them the biggest percentage gainer on major U.S. exchanges, after the company announced a “breakthrough discovery” of a new molecule for cancer treatment. Volume was 20.9 million shares, compared with the full-day average of about 215,000 shares. Based on preclinical testing, the company said in a statement that, pursuant to its continued collaboration with the University of Texas’s MD Anderson Cancer Center, it has developed and licensed what it believes “is a major breakthrough in its effort to develop a new cancer treatment that selectively kills highly resistant tumors.” The stock has now more than doubled over the past 12 months, while the S&P 500 has gained 15%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News