Cesca Therapeutics' Stock Soars On Heavy Volume After 'encouraging' Study Results

Shares Cesca Therapeutics Inc. soared 29% in active premarket trade Wednesday, after the biopharmaceutical company reported "encouraging" data from a study of its treatment of chronic non-healing ulcers. Volume was about 100,000 shares ahead of the open, which was more than double the full-day average. The company said healing was observed in patients as early as four weeks after treatment, and that no adverse events were seen. "s we continue to strengthen our team and evaluate Cesca's clinical pipeline, these additional data points serve as useful litmus tests to determine the most valuable growth opportunities for the company," said Interim Chief Executive Chris Xu. The stock has tumbled 17% year to date through Tuesday, while the iShares Nasdaq Biotechnology ETF has run up 12% and the S&P 500 has gained 5.7%.

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