There have been some stocks which have managed to generate considerable gains in recent days and one of the stocks that could be looked into at this point is that of Oncolytics Biotech Inc (NASDAQ:ONCY). The stock has been in the middle of a strong rally over the past few day and it continued yesterday as it ended up with gains of 8%.
Trading Data
On Thursday, ONCY stock gained 7.65% to $1.97 with 1.54 million shares, compared to its average volume of 330K shares. The stock has moved within a range of $1.8686 – 2.0400 after opening trade at $1.91.
Oncolytics Biotech® Provides Enrollment Update on Multi-Indication Phase 1/2 Gastrointestinal Cancer Trial at the 2022 American Society of Clinical Oncology Gastrointestinal Cancers Symposium
In this regard, it should be noted that the rally took the gains made by the stock over the course of the past week to as much as 23%. Yesterday, the company came into focus after it provided an enrolment update with regards to the Phase ½ GOBLET as part of a poster presentation at an industry event.
The event in question was the 2022 American Society of Clinical Oncology Gastrointestinal Cancers Symposium. It is a major industry event and the unveiling of the poster was a significant development for the company. It seems that investors saw it in the same way as well. In light of the rally in the stock, it is now going to be interesting to see if the Oncolytics stock can manage to hold on to its momentum and add to its gains today.
Key Quote
“There is a pressing unmet need for agents that can synergize with immune checkpoint inhibitors (ICI) in gastrointestinal (GI) cancers, as fewer than half of these patients respond to ICI monotherapy,” said Dirk Arnold M.D., Ph.D., Director of Asklepios Tumorzentrum Hamburg, and primary investigator of the GOBLET trial.
Technical Data
ONCY stock is trading above the 20-Day and 50-Day Moving averages of $1.57 and $1.63 respectively. However, the stock is trading below the 200-Day moving average of $2.30.
