Tiny Biotech Extends Wild Ride as Day Traders Chase Boom

(Bloomberg) -- Greenwich LifeSciences Inc., the biotech firm that soared 998% on Wednesday, is flying high as day traders pile into the stock for a second day.

The company, which again reached a market value of over $1 billion on Thursday, skyrocketed when mentions of its poster presentation at a cancer meeting continued to buoy sentiment.

While the Stafford, Texas-based company’s core findings of an experimental breast cancer drug had been known for months, it didn’t stop retail investors from sending the stock on a massive surge.

Shares of peer Sellas Life Sciences Group Inc. also joined the rally. The results from Greenwich LifeSciences’ mid-stage study fueled Sellas stock to jump 73% on Wednesday as retail investors looked for the next tiny biotech stock to gamble on. Sellas is set to present data on Friday at the San Antonio Breast Cancer Symposium -- the meeting that spurred Greenwich LifeSciences.

Greenwich LifeSciences advanced 94% in early trading Thursday before being halted for volatility, while shares of Sellas spiked as much as 45% when the market opened. New York-based Sellas carried a market value of just $81 million as of 9:35 a.m. in New York.

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