NexImmune (NASDAQ:NEXI) stock is heading higher on Friday despite a lack of news from the clinical-stage biotechnology company.
There are no new press releases for filings with the Securities and Exchange Commission (SEC) that help explain why NEXI stock is up today. On that same note, no analysts have recently weighed in on NexImmune.
Even without news, shares of NEXI stock are rising with heavy trading of the shares. As of this writing, more than 5.5 million shares of the company’s stock have changed hands. That’s an incredible increase compared to its daily average trading volume of about 24,000 shares.
One thing that investors will want to keep in mind is NEXI being a penny stock. That comes from its low share price of $2.48, market capitalization of only $2.624 and the small average trading volume that was just mentioned.
Why That Matters to NEXI Stock
Being a penny stock brings with it certain dangers for investors. That includes the ability for retail and day traders to pump up a stock before dumping it for profits. Unaware traders that get caught in this trap may be left holding the bag.
If that is what is happening with NEXY stock today, it would be a good idea to avoid it for right now. The company’s shares are likely to give up the gains seen today in the next few days of trading.
NEXI stock is up 353% as of Friday morning.
Investors looking for more of the hottest stock market stories are in luck!
We have all of the latest market news worth reading about on Friday! Among that is why shares of Green Giant (NASDAQ:GGE) stock are up, the biggest pre-market stock movers this morning and more. All of that news is available at the links below!
More Stock Market News for Friday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
