Shares of CEL-SCI Corporation (AMEX:CVM) were listed among the biggest percentage gainers on the AMEX for the second session in a row. Prices gapped at the open, and gained 16.22% on volume that was 862.97% higher than average for the day. Shares continued to run after hours, gaining another 13.93%.
CEL-SCI's flagship product Multikine® is the first of a new class of cancer immunotherapy drugs called Immune SIMULATORs which simulates the activities of a healthy person's immune system and has been shown to battle cancer.
Investors have been scooping up shares of the Vienna, VA based biotech after partner Teva Pharmaceuticals (NASDQ:TEVA) recently decided to expand the number centers in which Phase III trials of the investigational immunotherapeutic agent is currently being tested as a potential first-line treatment for advanced primary head and neck cancer.
On Friday, TradeTheNews reported that the stock was showing some strength based on the circulation of an upcoming presentation on cancer biomarkers by an NIH scientist who worked with the firm on an undisclosed biomarker project. Scheduled to speak on Jan 26th, Franco Marincola, Chief of Infectious Disease and Immunogenetics Section at the National Cancer Institute. The National Institutes of Health will give a presentation on use of biomarkers in clinical development of novel cancer immunotherapies.
Some of the strength is also being attributed to short covering as buying pressure continues to push the stock higher somewhat unexpectedly.
The company's other product L.E.A.P.S (TM) is a patented, T-cell modulation, peptide epitope delivery technology that enables the company to design and synthesize proprietary peptide immunogens. L.E.A.P.S (TM) compounds consist of a small T-cell binding peptide ligand linked with a disease-associated peptide antigen.
The stock is showing strong technical strength but is still trading -48.19 % from its 52-week high of $ 0.83, leading penny stock speculators to focus on the next level of resistance for the stock (currently at the $0.45 level) along the 200 day moving average.
If share prices run past this level, they may continue much higher given the buying interest, volume and momentum seen during the past two sessions.