Pharmaceutical stocks were on the rise in pre-market trading on Wednesday. Xenetic Biosciences (XBIO), Universe Pharmaceuticals (UPC), XTL Biopharmaceuticals (XTLB), and Acurx Pharmaceuticals (ACXP) shares all experienced massive rallies this morning. However, there wasn’t any solid news behind these stock movements. None of the companies announced press releases or made filings with the Securities and Exchange Commission (SEC) that would explain why they were on the rise.
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Even so, there is one bit of news that might help explain what’s happening with these pharmaceutical stocks. Galecto (GLTO) is a biotechnology company that experienced a massive rally on Tuesday. Its shares closed out normal trading hours up 383.02% and reached beyond 600% during their spike but were down 37.83% in pre-market trading today. Interestingly, there also wasn’t any news that explained why GLTO stock surged.
Galecto’s movement yesterday appears to have been speculative trading. With the stock down today, it seems likely that retail traders have moved on from GLTO stock and are searching for other shares to pump and dump. This likely explains why other pharmaceutical stocks, including XBIO, UPC, XTLB, and ACXP, are soaring on Wednesday.
XBIO, UPC, XTLB, & ACXP Stock Movements Today
Taking a look at these pharmaceutical stocks, traders will note that today’s pre-market gains weren’t quite as high as what Galecto experienced.
- Xenetic Biosciences stock was up 214.45%.
- Universe Pharmaceuticals stock was up 93.23%.
- XTL Biopharmaceuticals stock was up 95%.
- Acurx Pharmaceuticals stock was up 87.41%.
These stocks not reaching levels as high as Galecto could be for a variety of reasons. One is the split nature of today’s rally. Speculative traders appear less focused today, targeting multiple stocks rather than putting all of their efforts into a single company.
XBIO, UPC, XTLB, & ACXP: Which Stock Do Analysts Prefer?
Turning to the TipRanks stock comparison tool, only Xenetic Biosciences and Acurx Pharmaceuticals have attracted significant analyst attention. Xenetic Biosciences has a consensus Hold rating with no price target. Acurx Pharmaceuticals has a consensus Moderate Buy rating with an average price target of $30.50, suggesting a potential 610.96% upside.
