Whenever a pharmaceutical or biotech company makes a breakthrough with regards to cancer treatment, it’s almost certain to have a positive effect on the stock, and that’s what happened with the Inspyr Therapeutics Inc (OTCMKTS:NSPX) stock this week.
The company announced on Monday that it made the acquisition of a unique immuno-oncology delivery technology.
The technology helps in targeting adenosine receptor antagonists and thereby helps in the treatment of cancer. This is, without a doubt, a significant development for Inspyr and it was no surprise when investors piled on to the stock. The stock rallied strongly on Monday and went up by as much as 103%. Moreover, the stock went up another 90% on Tuesday and traded at a high of $0.067.
In this regard, it should be noted that the company had made the acquisition of this technology earlier; however, it had been licensed to Ridgeway Technology. Inspyr regained the rights to the technology in exchange for 8000 units of Series F Convertible Preferred Stock and 65000000 units of the common stock.
On top of that, this transaction has made sure that Inspyr is now in possession of not only the technology but also all the licenses and any technical improvements that had been made by Ridgeway.
While the rally on Monday was certainly impressive, it’s necessary to keep in mind that the Inspyr stock has been making an upward move prior to that as well. Due to a significant rise in trading volumes, the stock recording significant gains last week.
It’s also necessary to point out that the Inspyr stock is well known for making big moves and then retracting. NSPX remarkable rally back in March this year.
Hence, it is no surprise that when this stock goes on a rally, investors do sit up and take notice. The current move has brought the focus on NSPX again and it could be prudent for investors to put Inspyr into their watch lists.