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Highlights
- ABVC Biopharma, Inc. (NASDAQ:ABVC) shot up 285% at 9:57 am ET on Monday.
- On Oct 27, the Taiwan Central Institutional Review Board allowed the company to begin Phase II Part 2 study of its ADHD drug.
- The stock rose around 155% in one year.
ABVC Biopharma, Inc. (NASDAQ:ABVC) jumped more than 219% on Monday after receiving approval from Taiwan Central Institutional Review Board to start Phase 2 trial of its attention-deficit ADHD drug.
The stock traded at US$8.11, up 219.29% from its previous close at 8:25 am ET.
On Oct 27, ABVC Biopharma announced that ‘Taiwan Central Institutional Review Board approved its request to start Phase II Part 2 study of its Attention-Deficit Hyperactivity Disorder (ADHD) drug. The study is to be performed at five medical centers in Taiwan.
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The stock has gained around 241% since then.
There was, however, no apparent reason for the stock’s rally on Monday.
The biopharmaceutical company develops drugs for cancer and other diseases. It is also researching new medicines derived from plants. ABVC also manufactures medical devices.
It is currently developing six drugs and a medical device.
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Source – Pixabay
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ABVC Financials
ABVC Biopharmaceuticals operates through American BriVision Corporation, incorporated in July 2015 in Delaware. Since its inception, the company has not generated any significant revenue from drug development and medical devices.
For the three months ended June 30, 2021, it earned revenue of US$0.031 million compared to US$0.226 million in the same period in 2020. The company’s net loss was US$1.97 million compared to US$1.85 million in the June quarter of the previous year.
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The Fremont, California-based company has a market capitalization of US$67.8 million. The stock traded in the range of US$4.75 to US$1.95 in the last 52 weeks.
Its trading volume on Monday morning was around 14,683,310. The stock’s 90-day average volume is 1,274,979, showing investors’ growing attention to the stock.
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Bottomline
The company has a share outstanding of 24.47 million and a free float of 1.81 million shares. In addition, the stock generated a 91% return YTD and 155% in one year. However, investors should analyze the company financials carefully before investing in the stock.
