Xenetic Biosciences (NASDAQ:XBIO) Stock Pulls Back After The Big Jump

The meme stock mania seems to have come back in full swing in recent days and there are now many stocks which are being targeted. One of the stocks that had been targeted by retail traders from online platforms was that of Xenetic Biosciences (NASDAQ:XBIO).

On Wednesday, the stock may have suffered from a sharp correction and declined by 13%, but it should be noted that it is still up by as much as 16% for the week so far. Retail investors on some well known social media platforms like Discord, Twitter, Reddit and StockTwits seem to have identified the Xenetic stock as a stock worth targeting at this point.

There was considerable speculation regarding the stock earlier on in the week, but it is believed that the low float in the stock as a major factor behind the decision to target Xenetic. However, unlike many of the meme stocks, Xenetic actually possesses a going business. The company is involved in the biopharmaceutical sector and is currently working on the development of XCART, which is a customised CAR T platform technology. Although the stock corrected sharply yesterday, it is now going to be interesting to see if the retail traders return to the stock today or not.

Market Reaction:

On Wednesday, XBIO stock fell 13% at $2.14 with more than 1.72 million shares, compared to its average volume of 418k shares. The stock had moved within a range of $1.9400 – 2.2400 after opening the trade at $2.16. Over the past 52-week, the stock has been trading within a range of $0.7600 – 5.8500.