SPRC - Why Is SciSparc (SPRC) Stock Up 14% Today?
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SciSparc (NASDAQ:SPRC) stock is taking off on Friday as investors react to an update on its drug development joint venture.
MitoCareX Bio is the joint venture behind today’s rise. The company focuses on the development and discovery of drugs for the treatment of rare diseases. That includes cancer and other life-threatening conditions.
The big news affecting SPRC stock today is this joint venture reaching its first milestone. That milestone is the creation of its cloud-based computing infrastructure. This will allow the company to expand into machine learning systems for the development of mitochondrial carriers.
Following this news, SciSparc has announced that it will invest another $400,000 in MitoCareX Bio. To go along with that, the company is increasing its ownership stake in the joint venture from 31.48% to 41.92%.
SPRC Stock Movement Today
Following news of its joint venture meeting its first milestone, SPRC stock saw increased activity. That includes heavy trading of the company’s stock with some 37 million shares on the move as of this writing. To put that in perspective, the company’s daily average trading volume is a fraction of that at about 317,000 shares.
SPRC stock is up 13.7% as of Friday morning and is up 39.2% since the start of the year.
Investors seeking more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Friday. Our coverage includes what’s happening with shares of Meta Materials (NASDAQ:MMAT), Arqit Quantum (NASDAQ:ARQQ), and ShiftPixy (NASDAQ:PIXY) stock today. All that news is ready to go at the links below!
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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.
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