Altamira Therapeutics Ltd (NASDAQ:CYTO) Stock Rockets On Hugh Volume: What’s The Buzz?
Altamira Therapeutics Ltd (NASDAQ:CYTO) was up 53% on Friday after surging almost 80% in intraday trading.
Market Stats
On Friday, CYTO stock surged 53.30% at $2.33 with more than 194.37 million shares, compared to its average volume of 3.27 million shares. The stock has moved within a range of $2.1401 – 3.3300 after opening trading at $2.49.
Reports Positive In vitro Efficacy Data
The trigger for the surge was the announcement of positive efficacy results for Bentrio nasal spray testing in vitro against the SARS-CoV-2 delta variant. Bentrio is a popular drug-free nasal spray for protection against allergens and airborne viruses. The spray had previously demonstrated positive results against the Alpha variant.
In the Delta trial, Bentrio or saline control was applied prophylactically ten minutes before or therapeutically a day after viral inoculations of reconstructed human nasal epithelium cells followed by once a day for four days.
SARS-CoV-2 multiplied efficiently in saline-treated cultures leading to a considerable viral titer increase. Also, after three and four days of therapeutic and prophylactic Bentrio treatment, there were considerably lower virus titers that hit -83% after application started before infection. When the application was started, it was -69 to -85%. Therefore, in the coming weeks, investors should keep an eye on CYTO.
Key Quote
“We are very pleased to see the protective effects of Bentrio against SARS-CoV-2 confirmed also with the highly contagious and fast replicating Delta variant,” commented Thomas Meyer, Altamira Therapeutic’s founder, Chairman and CEO. “These fresh results provide further support for the broad applicability of Bentrio. By forming a protective film on the nasal mucosa and trapping particles, Bentrio has a purely physical mode of action and is thus suitable for use across different types of viruses and virus variants. We look forward to continuing the commercial roll out of the product, making it available to all those seeking protection.”
Traders Corner
CYTO stock is trading above the 20-Day and 50-Day Moving averages of $1.74 and $1.96 respectively. However, the stock is trading below the 200-Day moving average of $3.01. The stock is up 43% in the past week.
