- NASDAQ: GLSI has surged by 13% on Tuesday and is set to fall by 10% on Wednesday.
- Greenwich Lifesciences’ shares may provide a “buy the dip” opportunity.
- Advances in treating breast cancer treatments may push the equity higher, despite competition.
After jumping nearly 1,000% in one day, calm was never unlikely to return to Greenwich Lifesciences Inc (NASDAQ: GLSI). The Stafford, Texas-based company’s shares floated on the stock market only in September and immediately tumbled down to around $5. After a period of autumn hibernation, GLSI shot from $5.20 to $57.10 on December 9.
Why did Greenwich Lifesciences jump? The company formerly known as Norwell announced it is beginning a Phase 3 trial design for its GP2 treatment. The drugs aim to prevent breast cancer from recurring. The news broke out in the form of a poster presentation at a neighboring San Antonio Symposium about the disease which kills some 42,000 women in the US every year.
GP2 has the potential to fully prevent a return of the illness, thus making it promising. It is essential to note that other firms are also competing in this field, with shares gaining traction.
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Since that leap, shares hit a closing price of $72.20 – albeit less than half of the levels after the Initial Public Offering. Is NASDAQ: GLSI still a buy?
GLSI Stock Price
After leaping by over 13% on Tuesday, a downfall of over 10% is on the cards for Wednesday according to premarket trading. The move may provide a buying opportunity. Apart from changing hands well below the IPO price, Greenwich LifeSciences’ valuation is below $1 billion – a small market capitalization for a pharma firm.
The world will soon move away from COVID-19 whle other diseases prevail. Funds could shift to other life-saving ventures, especially those with high potential and low valuations.
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