The pharmaceutical sector almost always has a lot of following among investors and if you are currently hunting for stocks in the sector this morning you could look into the Aridis Pharmaceuticals (NASDAQ:ARDS) stock.
Trading Data
On Thursday, ARDS stock soared 15.52% to $2.01 with 41.27 million shares, compared to its average volume of 1.38 million shares. The stock has moved within a range of $1.8300 – 2.2700 after opening trade at $1.74.
Major Trigger
Yesterday, the stock was in the middle of a strong rally and ended the day with gains of as much as 15%. As a matter of fact, the rally on Thursday took the gains for the past week to as much as 53%. The company is involved in discovering and developing unique anti-infective therapies that could treat patients suffering from life threatening infections.
The rally in the stock commenced yesterday after the company announced that it had been awarded a grant by the highly influential Bill & Melinda Gates Foundation. The grant is meant for evaluating how the inhaled formulation technology from Aridis Pharmaceuticals could be deployed for the purpose delivering monoclonal antibodies meant for tackling COVID 19 and influenza.
It goes without saying that a grant of that nature is an endorsement of the technology that Aridis Pharmaceuticals has managed to develop. The rally in the stock was understandable, however, it now remains to be seen if the stock can manage to hold on to its momentum and finish the week strongly.
Technical Data
ARDS stock is below the 50-Day and 200-Day Moving averages of $2.12 and $4.26 respectively. However, the stock is trading above the 20-Day moving average of $1.84.
