Every day, millions of investors look into the action during premarket trading period in order to get an idea about the direction of the market and this morning, many might have noticed that the biopharmaceutical stock Cyclerion Therapeutics Inc (NASDAQ:CYCN) has made a strong move.
The stock has already clocked gains of as much as 16% in premarket trading in reaction to a key announcement from Cyclerion yesterday. The company announced yesterday that it is all set to present the preclinical trial design related to the Phase 2a study of its product CY6463.
It is the company’s flagship candidate and hence, there is a fair bit of interest with regards to any announcement regarding it. In this presentation, the company is going to present the design for the study to patients suffering from Alzheimer’s disease at the Alzheimer’s Association International Conference 2021 that is going to be held in Denver, Colorado from July 26 through to July 30, 2021.
It is a significant event for the company and is expected to bring in considerable publicity for the product among industry participants. Investors could do well to keep an eye on the Cyclerion stock up until the end of this month, at least.
On Thursday, CYCN stock was down 2.44% at $3.60 with more than 1.65 million shares, compared to its average volume of 1.42 million shares. The stock has moved within a range of $3.5100 – 3.6900 after opening the trade at $3.68. Over the past 52-week, the stock has been trading within a range of $2.0800 – 8.9600.