Anchiano Therapeutics (NASDAQ:ANCN) stock is rocketing higher on Monday after a shareholder letter caught the interest of investors.
The letter being sent to shareholders details a special meeting taking place on March 15. The head of the letter notes that the meeting is for a proposed merger vote that will affect shareholders’ investment in the company.
— Potato Chip Daddy (@PotatoChipDaddy) March 8, 2021
With the merger vote date confirmed, investors piling into Anchiano Therapeutics ahead of time. As of this writing, more than 31 million shares of ANCN stock have change hands. To put that in perspective, the company’s daily average trading volume is about 2.9 million shares.
Anchiano Therapeutics announced back in December plans to merge with Chemomab. Ever since then, the stock has been performing well with investors showing a positive reaction to the merger news.
The merger will have the management team of the combined company mostly made up of leaders from Chemomab. However, ANCN CEO Neil Cohen will serve on its Board of Directors.
It’s also worth pointing out that Anchiano Therapeutics started clinical trials for one of its treatments last month. This has it working to treat liver, skin, and lung fibrosis-related diseases. That means it’s getting closer to approval from the U.S. Food and Drug Administration (FDA) for its treatment.
Other investors on social media are also showing their love for the merger news on social media.
$ANCN, beautiful chart price action. Was in at 5.30 and sold at 6.09 but I have feeling I'll be kicking myself later
— Neurons_on_Fire (@NeuronsOn) March 8, 2021
How comfortable is that bed, haters? pic.twitter.com/XyfqeXTKDH
— DBR 💎 (@dabullrunner) March 8, 2021
$ANCN team is making 💰💰💰🔥🔥🔥
LFG #gme $amc $aapl $tsla $nakd $nak $bb $aal $f $nio $cciv $visl $trch $zom $gnus $sndl $trch $sndl $ONTX $ITRM $QQQ $spy $rkt $pltr $tlry $insg $eyes https://t.co/j0NzpQ9C1Z pic.twitter.com/DXg624SVmJ
— real time stock alerts (@stocksalerter11) March 8, 2021
— Goofers (@Goofers212) March 8, 2021
ANCN stock was up 78.4% as of Monday morning and is up 252.3% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
The post ANCN Stock: Speculation Around Investor Letter Sends Anchiano Therapeutics Soaring appeared first on InvestorPlace.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.