Cyclacel Pharmaceuticals Inc (NASDAQ:CYCC) shares have popped over 30% this afternoon due to momentum traders buying the stock for technical reasons. Shares of the company initially went into bull mode on Monday after the company the company published the following in a press release on the weekend.
Cyclacel Pharmaceuticals, Inc. (NASDAQ:CYCC) (NASDAQ:CYCCP) (“Cyclacel” or the “Company”), today announced the presentation by independent investigators of preclinical data demonstrating therapeutic potential of CYC065, the Company’s second-generation, cyclin-dependent kinase (CDK) 2/9 inhibitor, as a targeted anti-cancer agent. The data show that CYC065 substantially inhibited growth, triggered apoptosis, and induced anaphase catastrophe in murine and human lung cancer cells with known high metastatic potential. This was in marked contrast to effects in immortalized pulmonary epithelial murine and human cells. CYC065 markedly inhibited migration and invasion of lung cancer cells and affected distinctive pathways involved in DNA damage response, apoptosis, cell cycle regulation and cell migration.
Some market commentators aren’t buying the bullishness, however. Respected journalist Adam Feuerstein recently tweeted,
$CYCC is a zero. You’re trading worthless pieces of paper. And when the inevitable Rodman-led financing happens, you’ll be a bag holder.
What Does The Smart Money Sentiment Say?
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Kevin C. Tang‘s Tang Capital Management owned around 359,900 shares at the end of December.
The Bottom Line
Cyclacel Pharmaceuticals Inc (NASDAQ:CYCC) shares are higher today on no fundamental news. Rather instead, momentum traders are bidding shares up due to technical reasons. For further reading, check out the interesting article, ‘11 Most Technologically Advanced Countries In Europe‘.