China STX Pharmaceuticals (NASDAQ:SXTC) stock Soars 41%: Here is Why
If you are currently looking into stocks that managed to clock notable gains on Friday, then it might be a good move to possibly look into the China STX Pharmaceuticals (NASDAQ:SXTC) stock.
On Friday, the stock rallied strongly and went up by as much as 40% on the back of considerable interest from investors. While the gains are considerable, potential investors also need to keep in mind that there has been no news about the company that might have sent the shares soaring to such a degree. It seems that the rally has been triggered by retail investors who are active on different social media platforms.
It is believed that the low float in China STX Pharmaceuticals has been one of the major factors behind the action of these investors. The traders believe that the low float could help them trading the stock aggressively and send the stock price up. In this context, it might be useful for investors to know that the pharmaceutical company had been established back in 2005. The company is involved in developing, manufacturing, marketing and sale of traditional Chinese medicine piece tablets. It now remains to be seen if the rally in the stock continues next week or not.
Market Reaction:
On Friday, SXTC stock skyrocketed 41.33% at $2.12 with more than 117.45 million shares, compared to its average volume of 2.08 million shares. The stock has moved within a range of $1.4600 – 2.2800 after opening the trade at $1.49. Over the past 52-week, the stock has been trading within a range of $0.8880 – 5.1200.
