Why Is Cyclacel Pharmaceuticals Stock Soaring On Tuesday?

Cyclacel Pharmaceuticals, Inc. (NASDAQ:CYCC) stock is trading higher on Tuesday, with a session volume of 21.9 million compared to the average volume of 206.9K, as per data from Benzinga Pro.

Notably, there is no news to justify the stock movement.

Here’s what happened with the company recently:

Last week, Cyclacel entered into an amendment to the Exchange Agreement with FITTERS Diversified Berhad, an investment holding company engaged, through its subsidiaries, in the business of the sale of fire safety materials, equipment and fire prevention systems, “Waste-To-Resource” services and real estate development and construction.

The company highlighted a publication from independent investigators published online in the journal Gut.

The study’s authors described in the publication reported that DNAJ-PKAc, a fusion oncoprotein known to drive FLC progression, makes the cancer sensitive to treatment with plogosertib.

The researchers found that PLK1 is essential for FLC cells, making them highly sensitive to loss of PLK1.

A direct interaction was found between DNAJ-PKAc fusions in the centrosome and PLK1, thus promoting mitotic progression.

Pharmacologic inhibitors of PLK1, such as plogosertib, significantly reduced FLC growth but spared normal liver cells in patient-derived in vitro and in vivo xenograft models and an orthotopic model.

In July, Cyclacel implemented a second reverse stock split, 1-for-15, and in May, it announced a 1-for-16 reverse stock split.

In June, Cyclacel announced a private placement yielding gross proceeds of $3.0 million. The company issued series A, B and C warrants to purchase 3.27 million shares for each warrant at an exercise price of 51 cents per share, 60 cents per share and 68 cents per share, respectively.

CYCC Price Action: Cyclacel stock is up 318.43% at $13.85 at publication on Tuesday.

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