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Summary
- Stocks of Aethlon Medical Inc (NASDAQ:AEMD, AEMD:US) skyrocketed on Wednesday, June 9.
- The spike came as retail investors on Reddit started reacting to a week-old coronavirus update from the company.
- AEMD stocks soared by 388 per cent in a single day’s trading to close at US$ 10.79 per piece on Wednesday.
Stocks of Aethlon Medical Inc (NASDAQ:AEMD, AEMD:US) skyrocketed on Wednesday, June 9, after retail investors on Reddit started reacting to a week-old coronavirus update from the company.
AEMD stocks soared by 388 per cent in a single day’s trading to close at US$ 10.79 per piece on Wednesday.
Last week, the company had announced the status of two COVID-19 infected patients who were treated using Aethlon Medical-invented device, Hemopurifier.
Aethlon Medical has claimed that Hemopurifier's cartridge is capable of filtering viruses and exosomes from blood. The biotech firm said that post treatment, the health of the two patients has improved.
The US Food And Drug Administration (FDA) had designated Hemopurifier as a breakthrough device for the treatment of life-threatening diseases in 2020. Presently, the device is being closely monitored by the FDA via an early feasibility study.
Speaking about the treatment, Aethlon Medical CEO Charles J Fisher Jr said that Hemopurifier is an innovation that could provide potential benefit to critical COVID-19 patients.
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Innovation and discussion groups on social media seem to be propelling AEMD stock prices higher. With the latest surge post Reddit-based conversations, AEMD stock could be counted as the newest member of the meme stock rally.
Reddit has been largely responsible for driving up the prices of lesser-known stocks this year. GameStop (NYSE:GME, GME:US) and AMC Entertainment (NYSE:AMC, AMC:US) have become the classic examples of meme stocks due to such day trader-boosted rallies.
While AMC stock skyrocketed by 2,227 per cent year-to-date (YTD), GME stock soared by 1,505 per cent this year.
Aethlon Medical (NASDAQ:AEMD, AEMD:US)
In the light of the latest surge on Wednesday, AEMD stock appears to be significantly overvalued. Until this record spike, the stock’s 52-week high stood at just US$ 3.73 apiece (June 18, 2020).
AEMD shares returned 550 per cent in the past month and 336 per cent YTD. Aethlon holds a market cap of C$ 130.9 million and its price-to-earnings ratio is 14.7.
In the third fiscal quarter ending December 31, 2020, the value of Aethlon Medical’s total current assets climbed to US$ 12.3 million, while its operating loss stood at US$ 2.4 million.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view. The reference data in this article has been partly sourced from EODHD/Others.
