Why Shares of Compugen Jumped 17.86% on Thursday
Shares of Compugen (NASDAQ: CGEN) rose 17.86% on Thursday. The clinical-stage immunotherapy pharmaceutical company focuses on oncology therapies and uses artificial intelligence to find new drug targets and biological pathways for cancer therapies.
The stock closed on Wednesday at $0.8909 a share, then opened on Thursday at $0.87. It rose to its daily high of $1.07 before settling to $1.05 at the close. It has a 52-week high of $4.99 and a 52-week low of $0.51, which it fell to just last month. With such a low share price, it doesn't take much for a big percentage gain or loss.
It may have just taken the markets a full day to react to the news on Wednesday that Compugen had struck a licensing deal with AstraZeneca that means a $7.5 million milestone payment for Compugen regarding AZD2936. The therapy is a bispecific antibody taken from Compugen's COM902, an anti-TIGIT antibody. TIGIT is an immune receptor present on some T cells and natural killer cells (NK), and is overrepresented in many tumors.
Source Fool.com
