When a rarely traded nano-cap stock rises sharply on the back of positive news, then it becomes a major story in the markets. This is exactly what happened to Can-Fite Biopharma (NYSE:CANF). In a new development, CANF stock went on a remarkable rally this morning.
Can-Fite Biopharma is involved in manufacturing medicines meant for the treatment of rheumatoid arthritis (RA), and today, a major conference on this topic is happening in Austria. It is going to be attended by some of the best-known experts on the subject and will be held at the headquarters of major licensee Gebro Pharma. The experts present at the conference are going to test Can-Fite’s Piclidenoson and will then going to provide their views on the product’s effect on RA.
Gebro, which is the host of the event, is one of the most influential figures in this space. It owns the rights for the distribution of products in Spain, Switzerland, and Austria.
Hence, if Can-Fite can manage to find success in the tests on Piclidenoson, then the event could well turn into a highly lucrative one for the company.
It is quite clear that the commencement of the event is a significant deal for Can-Fite Biopharma, and today, CANF stock climbed by as much as 50% as investors piled on to it.
The company is currently conducting phase 3 clinical tests on the product, and hence, the optimism in the market with regards to CANF stock is perfectly understandable. The Chief Executive Officer of the company, Dr. Prina Fishman, spoke about the possibilities from the forum that is being hosted by its distribution partner: “This highly productive forum with our distribution partner Gebro is an opportunity for us to engage directly with their network of doctors in Europe.”
This could be a very important couple of days for the company, and hence, it would be worthwhile to keep an eye on CANF stock over the next few days.
Featured image: DepositPhotos © nikesidoroff