Pfizer-backed Pyxis Oncology surges 48% to hit 11-month high
Mar. 28, 2023 3:24 PM ETPyxis Oncology, Inc. (PYXS), PFEBy: Dulan Lokuwithana, SA News Editor1 Comment
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Update 03.24 PM EST: Adds latest data on share price and volumes
- Extending a three-day winning streak, shares of Pyxis Oncology (NASDAQ:PYXS), a micro-cap biotech backed by Pfizer (NYSE:PFE), added ~48% on Tuesday to reach the highest level since April 2022 on above-average volume.
- About 36.3M Pyxis (PYXS) shares have changed hands so far, compared to the 65-day average volume of ~657.2K, and the stock is trading ~25% below its 52-week high reached in April last year.
- The recent rally began last week, days after Pfizer (PFE) raised its stake in the cancer-focused clinical-stage biotech by more than a third with the purchase of ~1.8M company shares for nearly $5M.
- Seeking Alpha analyst Biotech Beast issued a Buy rating on PYXS Monday, citing an attractive entry point ahead of a potential early Phase 1 readout for its antibody-drug conjugate PYX-201 in H2 2023.