Those who Brooklyn ImmunoTherapeutics Inc (NYSE:BTX) stock last month and still holding, may be the happiest investor now as the stock has jumped almost 1000% in a matter of 5 weeks.
In fact, the stock made a new high of over $80 earlier this week – which translates into a huge jump of 2000% since early April.
So what made investors so excited about BTX stock? Well, earlier it was largely due to sudden popularity in subreddit r/wallstreetbets. We all know how stocks move when it comes hype on wallstreetbets due to the high short percentage.
These forum members try to push the stock prices higher by asking each other to buy so short-sellers are bound to buy back their stock and further push up the stock price.
Well, the above theory looks practical, but will it last long? That’s the question one should think about because such a run-up may need fundamental backup.
So let’s see how far BTX stock can go. Keep an eye on the stock as momentum looks, but it’s only for brave traders.