The Sunshine Biopharma Inc (OTCMKTS:SBFM) stock has been on a stellar run over the course of the past and it continued on Monday. Yesterday, the stock soared by 24% to take its gains for the past month to as much as 60%.
While the gains in the stock on Monday were notable, it should be noted at the same time that there was no news about the company that might have led to such massive gains. In order to get a better idea about the current rally in the stock, investors need to remember that earlier on this month Sunshine had announced that its mice study related to COVID 19 was progressing as planned at the University of Georgia.
In this particular study, the company is looking into the possibility of using two protease inhibitors in mice which are infected with COVID 19 and seeing if it can prevent death and illness. In addition to that, it is also necessary to note that the product is expected to be made available in the form of a tablet if it eventually hits the market. Hence, it could be possible for people to be treated at home if they get infected with COVID 19.
Market Reaction:
On Monday, SBFM stock jumped by 24% to $0.1620 with more than 13.65 million shares, compared to its average volume of 7.38 million shares. The stock has moved within a range of $0.1190 – 0.1668 after opening the trade at $0.1370. Over the past 52-week, the stock has been trading within a range of $0.0042 – 0.3140.
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