Today’s trading is starting to get into full swing, with Bellicum Pharmaceuticals – a clinical-stage biopharmaceutical company, making some major moves in the market.
What Happened Today For Bellicum Pharmaceuticals?
Bellicum Pharmaceuticals (NASDAQ:BLCM) is currently trading up nearly 10%. Now, this might not seem like an impressive growth in stock price, but when you consider Pomerantz LLP announced on Saturday that it filed a class action lawsuit against the company, one would have expected Bellicum to be seeing red today. In fact, I would have forecasted the Houston, Texas-based company to be trading down for the entire week.
Turns out, my predictions were wrong. Bellicum is, as of this writing, trading at $7.24, which puts the BLCM stock up $0.64, or 9.70%. Bellicum Pharmaceuticals currently has a market cap of less than 1 billion and has reportedly increased more than 30% since February 20 of last year. As a biopharmaceutical company, Bellicum focuses primarily on researching cellular immunotherapies to treat areas such as solid tumors and hematological cancers.
The Class Action Lawsuit
There are probably a few shareholders of Bellicum Pharmaceuticals that are feeling a sense of relief today. However, I’m not entirely sure this growth will continue as the lawsuit against Bellicum progresses forward. Therefore, it is of the utmost importance that everyone understands the reasons behind Pomerantz LLPs investigation of Bellicum Pharmaceuticals.
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As mentioned, on Saturday, Pomerantz announced that it is looking into claims on behalf of Bellicum investors. The investigation will focus primarily on whether or not the company and some of its directors have aided in securities fraud and/or illicit business practices. More specifically, the Complaint has alleged that the Defendants made misleading and/or false statements regarding the risks associated with one of its lead product candidates, BPX-501.
This pharmaceutical scandal might sound familiar to some. It was, after all, less than a month ago that Bellicum announced that the FDA placed studies of BPX-501 on a clinical hold. This news caused the company’s share price to drop nearly 30%.
The Takeaway
It’s interesting that the company’s share price is moving higher today, considering all that has happened over the last month or so. Of course, it might just be a one-off. For these reasons, I recommend keeping a close eye on both Bellicum and Pomerantz LLP to see if either report anything new regarding the ongoing investigation.
Check back in throughout the week!
Featured Image: twitter
