PYXS - Biotech Soars On Acquisition Announcement

2023-05-24 15:59:57 ET

Acquisitions are always an exciting time, especially when one (or both) parties involved are publicly traded entities. That’s exactly what happened on Wednesday after it was announced that %PyxisOncology (Nasdaq: ) agreed to acquire %Apexigen (Nasdaq: ) in an all-stock transaction.

This sent shares of Apexigen soaring on Wednesday, with shares of the California-based biotech reaching up to $0.628/share (+57.12%) at the session high. This move was a breath of fresh air for long term shareholders that have been riding te multi-month downtrend.

Apexigen Inc is a clinical-stage %Biopharmaceutical company focusing on the discovery and development of innovative antibody-based therapeutics for the treatment of cancer with a focus on immuno-oncology. The company's pipeline of immuno-oncology therapeutic candidates is led by sotigalimab, which is in clinical development, and also includes several preclinical stage immune-oncology programs.