U.S. markets open in 9 hours 28 minutes

Nano-Cap Drugmaker Surges 1,000% as Retail Enthusiasm Spreads

Bailey Lipschultz

(Bloomberg) -- Nano-cap Immuron Ltd. saw shares surge more than ten-fold on Tuesday afternoon as euphoria for retail traders took to the biopharmaceutical industry.

The Australia-based company, which was valued at roughly $9 million coming into Tuesday’s session, saw its American depository receipts change hands at a record clip as retail investors cheered and Twitter users were left confused. More than 74 million shares were traded Tuesday which compares to a one-year average volume of less than 100 thousand.

The biopharmaceutical company disclosed earlier that the Naval Medical Research Center, its partner, requested a regulatory meeting with the U.S. Food and Drug Administration so it could test its drug for the prevention of acute infectious diarrhea. The pair will plan to start a pair of mid-stage trials sometime in the first half of next year if all goes well with regulators.

Tuesday’s 850% gain marked the firm’s best single session since going public in 2017 and is an all-time high.

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2020 Bloomberg L.P.