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Highlights
- ZIVO stock traded up 146.79% at 11:01 am ET on Monday.
- Edesa Biotech, Inc. (NASDAQ:EDSA) gained 33.49% on Monday, boosted by positive results from its clinical study for a covid drug.
- However, ZIVO was down 38.58% year-to-date, and EDSA rose 97.88% YTD.
Stocks of biotechnology firms Zivo Bioscience, Inc. (NASDAQ:ZIVO) and Edesa Biotech, Inc. (NASDAQ:EDSA) were up 146.79% and 33.49%, respectively, at 11:01 am ET on Monday.
ZIVO was priced at US$6.91, while EDASA traded at 11:01 at the time.
Here we explore some of the recent developments of the two stocks.
Zivo Biosciences Inc
Zivo is a biotech company focused on the research and identification of natural bioactive ingredients from proprietary algae culture. The company was founded in 1983 and debuted on the Nasdaq stock exchange on June 2, 2021.
There was no apparent reason for the stock’s enormous jump in price on Monday. On Sep 17, the trading volume was 107,235, almost five times more than the previous day. The stock had closed at US$2.8 on Friday.
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ZIVO Inc did not earn any revenue in the June quarter. Its net loss for the same period was US$(1.85) million. ZIVO generated net capital funding of US$12.2 million after selling shares & warrants and an additional US$688,000 from the purchase made by underwriters. The Keego Harbor, Michigan-based healthcare company has a market capitalization of US$67.5 million.
The stock price fell 38.58% YTD.
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Source – pixabay
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Edesa Biotech, Inc.
Edesa develops treatment for inflammatory and immune-related diseases. The Ontario, Canada-based company grabbed investors’ interest on Monday after it announced positive results from its phase 2 clinical study for a covid drug. It is developing a monoclonal antibody candidate that may work as a single dose treatment for COVID-19 hospitalized patients.
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The stock jumped more than 40% on Monday after the news.
The stock had closed at US$5.88 on Sep 17, with a trading volume of 90,329, more than four times than the previous session. For the June quarter of 2021, there was no revenue earned, and the net loss was US$(4.76) million.
Its 52-week highest and lowest stock prices were US$10.13 and US$4.05, respectively. The market capitalization of the company is US$110 million. It gave 97.88% YTD.
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Bottomline
The healthcare sector has been drawing investors’ attention, boosted by new drug developments, speedy approval, and the Covid-19 emergency, which accelerated investments and research. However, investors must evaluate the stocks carefully before investing.
