Lixte Biotechnology (NASDAQ:LIXT) stock is heading higher on Friday despite a lack of news concerning the company.
The rise in price for LIXT stock comes alongside heavy trading of the shares today. As of this writing, more than 48 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is only about 143,000 shares.
So why exactly is LIXT stock up today? Just like with many other mysterious stock surges, it looks like this is the work of retail investors. Talk on social media seems to suggest as much. These investors collect together in private groups online and use coordinated efforts to boost the price of stocks before jumping out with the profits.
Keeping that in mind, investors will want to be careful about diving into LIXT stock. What’s better is learning more about the company with the breakdown below.
Lixte Biotechnology is a drug discovery company.
Its main focus is on anti-cancer treatments.
That includes its protein phosphatase inhibitor LB-100.
This is a first-in-class treatment that could have widespread use in battling cancer.
LB-100 could be used on its own or in combination with “standard anti-cancer cytotoxic drugs, radiation, and immune checkpoint blockers.”
It’s also worth noting that Lixte Biotechnology is preparing to present at the upcoming H.C. Wainwright Global Life Sciences Conference.
This event will take place from March 9 to March 10, 2021.
It will be sharing information about LB-100 during that conference.
LIXT stock was up 52.5% as of Friday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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