GFAI - Why Is Assembly Biosciences (ASMB) Stock Up 92% Today?
2023-10-17 10:59:57 ET
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Assembly Biosciences (NASDAQ: ASMB ) stock is taking off on Tuesday after announcing a massive collaboration with Gilead Sciences (NASDAQ: GILD ).
According to a press release, these two companies have entered into a 12-year partnership agreement. This agreement focuses on the advancement, research and development of novel antiviral therapies.
Assembly Biosciences and Gilead Sciences note that the collaboration will initially focus on herpesviruses, including hepatitis B virus (HBV) and hepatitis D virus ( HDV ). These are both areas of research that Assembly Biosciences has been focusing on.
Jason Okazaki, president and CEO of Assembly Biosciences, said the following about the agreement:
“With Gilead’s established success in developing and commercializing antiviral medicines and Assembly Bio’s advanced virology research capabilities, we believe the shared expertise and promising investigational therapies that both organizations contribute to this collaboration have the potential to deliver significant advances to patients.”
How This Affects ASMB Stock on Tuesday
Investors in ASMB stock are celebrating today’s announcement with heavy trading of the company’s shares. That has more than 52 million shares of the stock changing hands as of this writing. This is a massive surge in volume compared to the company’s daily average of about 105,000 shares.
ASMB stock is up 91.5% as of Tuesday morning. This more than erases the company’s losses seen throughout the year and has its stock up 3.7% year-to-date.
Investors who are seeking out even more of the most recent stock market news will want to keep reading!
We’re offering up all of the hottest stock market news traders need to know about on Tuesday! Among that is what’s happening with shares of Guardforce AI (NASDAQ: GFAI ) stock, Tupperware (NYSE: TUP ) stock and Robinhood (NASDAQ: HOOD ) stock today. All of that news is ready to go at the links below!
More Tuesday Stock Market News
- GFAI Stock Alert: Guardforce AI Announces New 3-Year Contract
- TUP Stock Gains 10% as Tupperware Names New CEO
- Are Robinhood Insiders Giving Up on HOOD Stock?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines .
More From InvestorPlace
- The #1 AI Investment Might Be This Company You’ve Never Heard Of
- Musk’s “Project Omega” May Be Set to Mint New Millionaires. Here’s How to Get In.
- The Rich Use This Income Secret (NOT Dividends) Far More Than Regular Investors
The post Why Is Assembly Biosciences (ASMB) Stock Up 92% Today? appeared first on InvestorPlace .