this week through Thursday and have soared 820% over the past month, likely due to buying by retail traders on a Reddit message board, similar to how meme stock GameStop soared in value earlier this year.... [+]
New York City. - Wall Street stocks rose early following upbeat news on a coronavirus vaccine and merger announcements in the banking and retail industries. Market-watcher Joshua Rodriguez, CEO of CNA Finance LLC, an an investing news media outlet based in Coral Springs, Fla., toldhas been a “major factor in the substantial gains” in the stock and that it seems to be a “perfect target for Wall Street Bets Redditors due to heavy short interest.
Rodriguez added that Reddit members have been “chatting about short squeeze opportunities” in biotech stocks – like BTX — for more than a month .it has at least one drug in development, IRX-2, which is designed to treat patients with head and neck cancer – with more studies planned for efficacy in other solid tumor cancers.
, BTX’s major shareholders include former Goldman Sachs analyst Nicholas Singer, now manager of investment firm Purchase Capital; Charles Cherington, founder of private equity firm Ara Partners; and Yiannis Monovoukas, co-founder of venture capital firm Falcon III Ventures.Perhaps the best known stock surge caused by traders on Reddit involved video game retailer GameStop – a rally that forced short sellers to incur massive losses.
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