WBA - Why Is Vascular Biogenics (VBLT) Stock Up 52%?
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Vascular Biogenics (NASDAQ:VBLT) stock is rocketing higher on Thursday following news of a merger with Notable Labs.
The details of the deal include shareholders of Notable Labs receiving newly-issued shares of VBLT stock. That will result in them holding 76% of the combined company with the remaining 24% belonging to current Vascular Biogenics shareholders.
That makes sense as the merger will result in the combined company using the Notable Labs name. It will also result in the company’s stock switching from the VBLT ticker to the new NTBL ticker.
This change is happening as the combined company will focus on the development of Notable’s proprietary Predictive Precision Medicines Platform and therapeutic pipeline. This has it seeking to treat cancer patients with high unmet medical needs.
Dr. Thomas A. Bock, CEO of Notable Labs, said the following about the merger.
“The operational infrastructure, intellectual resources and investment capital that this merger brings will serve as both the foundation and a driver of potential best-in-class therapeutic assets out of our PPMP platform.”
What’s Happening With VBLT Stock Today
Following this merger news, shares of VBLT stock are seeing incredibly heavy trading volume. As of this writing, more than 94 million shares of the company’s stock have changed hands. That’s a massive surge compared to its daily average trading volume of about 1.5 million shares.
VBLT stock is up 52.2% as of Thursday morning.
Investors looking for more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market coverage traders need for Thursday! Among that is what has shares of Walgreens Boots Alliance (NASDAQ:WBA), Teladoc (NYSE:TDOC), and General Electric (NYSE:GE) stock moving today. All of that news is ready to go 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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