On over 27 million shares biotech company 9 Meters Biopharma (NASDAQ: NMTR) surges steadily by over 12%. Being one of the penny stocks makes NMTR attractive to many traders who may diversify portfolios with a lot of cheap shares.
Under $1 stocks usually surpass $2 easily due to simple news that comes from the press release. Despite negative earnings, NMTR still strives to impress short term investors with interesting volatility.
9 Meters is actually burning cash and soon may request a loan or issue shares. However, several vaccines and medicines are ready to serve the company’s revenue. Recently, 9 Meters issued a patent for use of its rare drug for treating patients with problematic lungs.
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