Writing The SCPS?SCPS seeing another spike in trading volume late in the week (week of 8/1). After plotting out the fib retracement using "normal levels" and not ones from the crazy parabolic spike previously, you can see this 618 area has been a key support/resistance level. With the latest spark taking SCPS stock higher afterhours on 8/4, it so far managed to break back above the 618 area for the first time in weeks. No news, no filings, just social momo. But thanks to it being part of that "low float" crowd, it could be in the mix of possible "short squeeze stocks" that've grown in popularity. Looking at the deets...back in May there were a few fundamental developments to track:
" the company announced that it received FDA approval for an Investigational New Drug Application for its lead drug candidate, CpG-STAT3siRNA. Now, a Phase 1 trial for B-cell non-Hodgkin lymphoma will begin at the City of Hope. This is a well-known research and treatment center for cancer, diabetes, and other diseases.
More To Watch With SCPS Stock
As a newer company, Scopus has only been public since December of 2020. The company initially raised just under $3 million from its IPO debut. While this wasn’t technically a penny stock initially, shares hovered around $5 earlier this month. That was, until the news on May 24th. Since the announcement, SCPS stock has surged past the $17 mark. Furthermore, even though it’s a newer company, analysts have also begun following the company closely.
Benchmark Research started Scopus with a Speculative Buy rating as well as a price target of $20. Analyst Aydin Huseynov believes that the company’s STAT3 inhibitor gene therapy, CO-sTiRNA, has “a reasonable chance to show clinically relevant results” in recurrent and hard-to-treat aggressive Non-Hodgkin Lymphoma indications. Huseynov gave this outlook several months before today’s news and expected the IND submission during the second half of the year. "
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