Brooklyn ImmunoTherapeutics (BTX) Stock Plunges 60% Frpm The peak: But Why?

One of the stocks that emerged as a major gainer in the month of April was that of Brooklyn ImmunoTherapeutics (NYSEAMERICAN:BTX). Although it is a relatively new publicly traded biotech company, the Brooklyn stock managed to record gains of a staggering 1230% in the month of April. There were two main reasons behind the remarkable gains recorded by the Brooklyn stock.

Brooklyn ImmunoTherapeutics (BTX) Stock Plunges 60% Frpm The peak: But Why?

One of the major triggers for the stock came in late April when the company announced that it signed an exclusive licensing agreement for cell therapies and mRNA gene editing technologies with Novellus Therapeutics and Factor Bioscience. In recent times, mRNA platform has garnered significant attention since it has helped in the quick development of COVID 19 vaccines.

Related:  ObsEva (OBSV) Gains Momentum: But Is It Sustainable?

On the other hand, the stock had also got significant traction online and investors on several social media platforms had cited Brooklyn as a ‘top stock’. It now remains to be seen if the stock can continue to end with significant gains this month.

Jack Dawkins

Finance and Tech Contributor