The Dow Jones snapped a 3-week losing streak Friday finally closing in the positive. The S&P and Nasdaq were also up at the time of closing Friday. Tech and chip stocks boosted the overall tech sector more than 2% while several stocks passed key buy points. The stocks making the biggest moves this week come from different sectors but the winningest is biopharmaceuticals. Let’s get to it!
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Coming in at number 1 with a one-week change of 195.23% is Shuttle Pharmaceuticals Holdings, Inc. Ticker symbol SHPH. It closed Friday at 38.80 up 26.14% on the day. Afterhours it has since slid down to 35.90 for a loss of 2.90.
The stock closed at $14.90 last Friday and then opened this Tuesday at $12.16. It hit its high at $43.80 on Thursday and closed on Friday at $38.80. The stock began trading on Aug. 31 after its initial public offering (IPO). The stock has been on a volatile ride of late. After its IPO, the stock jumped to $84.70, but dropped like a rock, falling to a low of $11.77 last Friday before bouncing back. This week, it rallied on Thursday and Friday.
Shuttle Pharmaceuticals is a discovery and development stage specialty pharmaceutical company focused on improving the outcomes of cancer patients treated with radiation therapy (RT). Although RT is a proven modality for treating cancers, by developing radiation sensitizers, they aim to increase cancer cure rates, prolong patient survival and improve quality of life when used as a primary treatment, or in combination with surgery, chemotherapy and immunotherapy.
The stock's wild swings have a lot to do with retail investor interest. It's important to note it is hard to gauge the company's worth as it hasn't released a public quarterly report and doesn't yet have any therapies approved by the Food and Drug Administration (FDA). However, the company's pipeline drugs have the potential to serve a large target audience. According to the American Cancer Society, a little over 1.9 million new cancer cases are expected to be diagnosed in the U.S. in 2022, and more than 50% of those patients will receive radiation at some point. The company's pipeline includes two therapies that could treat a wide range of cancers. There isn't much competition in the radiation sensitizer indication, with only one like therapy, Eribtux (Cetuximab), sold in the U.S. by Eli Lilly and by Merck outside the U.S., that has been approved by the FDA.
My suggestion, wait for it to crater again before grabbing up some shares and letting her ride.
In 2nd place we have PIXY, or ShiftPixy, Inc. closing Friday up 151.13%. PIXY ended the day Friday at 34.45, up 3.45. It dropped to 31.14 in after-hours.
ShiftPixy, a gig-economy focused workforce management company, together with its subsidiaries, provides staffing solutions in the United States. It offers employment administrative services, such as payroll processing, human resources consulting, and workers' compensation administration and coverage. The Company also operates human resources information systems platform to assist in customer acquisition for the onboarding of new clients into the company's closed proprietary operating and processing information system.
One of the reasons for the recent rise is because PIXY is planning to spinoff its ShiftPixy Labs business. That’s big news for investors in PIXY stock as the company intends to give them a stake in the spinoff via a special dividend. ShiftPixy will be using Sept. 8 as the record date for shareholders to receive that dividend.
As part of the spinoff, the company said it will transfer ShiftPixy Labs' Virtual Brand d