NEW YORK, NY / ACCESSWIRE / July 23, 2018 / Ampio Pharmaceuticals and Sorrento Therapeutics both saw big moves in opposite directions on Friday. There was no news from either company nor a catalyst to explain the activity.
RDI Initiates Coverage on:
Ampio Pharmaceuticals, Inc.
Sorrento Therapeutics, Inc.
Ampio Pharmaceuticals, Inc. shares closed up 11.44% on Friday with trading volume roughly three times higher than usual at 2,251,564 shares traded. There was no news from the company to explain the big jump. It was recently revealed that Susquehanna International Group Llp has increased its position in the stock by $57,249. On July 12th, the company announced that a basic science manuscript entitled "The Anti-Inflammatory Effect of LMWF5A and N-Acetyl Kynurenine on Macrophages: Involvement of Aryl Hydrocarbon Receptor in Mechanism of Action" had been published online in Biochemistry and Biophysics Reports. The manuscript was authored by Dr. Bar-Or and prominent clinicians. CSO of Ampio, Dr. David Bar-Or, stated, "This biochemical research uncovered an important part of the mechanism of action of Ampion™ or the low molecular weight fraction of 5% human serum albumin (LMWF5A). We had previously demonstrated that Ampion promotes the activation of anti-inflammatory macrophages while decreasing the activation of pro-inflammatory macrophages."
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Sorrento Therapeutics, Inc. shares closed down almost 10% on about 2.7 million shares traded on Friday. There was no news from the company to explain shares collapsing. It was earlier in the month that shares also tanked around 10% despite any news. Shortly before that, the company had said it was acquiring Kimberly Clark's Sofusa lymphatic delivery technology, which consists of nano-structured microneedles to deliver drugs into lymphatic capillaries beneath the skin. The stock could be reacting to trade war news and the tensions of tariffs between the U.S. and China. Last month Sorrento had announced that it plans to list on the Hong Kong stock exchange. In a corporate update to stockholders, the company's Chairman and CEO, Henry Ji, stated, "We have taken into consideration multiple parameters and decided to pursue the corporate entity listing versus a subsidiary spin-out on the Hong Kong stock exchange. We believe our shareholders will be best served by not separating our core immuno-oncology development assets and simplifying our organizational structure. We will seek to be listed by the first quarter of 2019."
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