Advaxis Inc. (ADXS) Stock Makes a Big Move: Will The Rally Continue?
Advaxis Inc. (NASDAQ:ADXS) jumped 23% after the company signed a definitive merger agreement with privately-held Biosight Ltd. Biosight, a drug development company focusing on innovative treatments for hematological disorders and malignancies. According to the agreement, Biosight shareholders will control the majority stake in the combined company after the transaction is finalized. The merged company will focus on clinical development and marketing of Biosight’s flagship candidate, aspacytarabine (BST-236). The company is currently studying aspacytarabine as a single agent for first-line acute myeloid leukemia treatment.
Following the reverse merger, the resulting company will have around $50 million in cash and equivalents plus marketable securities after the transaction. After closing the transaction expected in 2H 2021, Advaxis will change the name to Biosight Therapeutics and will be trading on the Nasdaq Capital markets under ticker BSTX.
After closing, Advaxis will hold 25% of the merged company, while Biosight shareholders will hold 75%. So in the coming months, ADXS is a stock to watch.
Market Reaction:
On Tuesday, ADXS stock soared 23.31% at $0.5820 with more than 138.02 million shares, compared to its average volume of 10.12 million shares. The stock had moved within a range of $0.5742 – 0.7100 after opening the trade at $0.6525. Over the past 52-week, the stock has been trading within a range of $0.2640 – 1.5700.
