Today the S&P 500 and Nasdaq opened strong out of the gate and small cap traders this morning piled into Innovation Pharmaceuticals Inc (OTCMKTS: IPIX), which is trading up 14.82% going into the 11:00 AM hour. IPIX stock has become one of the top traded stocks today on the US OTC exchange in terms of number of executed trades. Take a look at the chart.
Innovation Pharmaceuticals Inc (OTCMKTS: IPIX) is a small cap stock with a market cap of $72 million. It issued a press release several months ago announcing the development of its Brilacidin drug as a potential treament for Covid cases. This morning it released a press release with the headline “Laboratory Testing of Brilacidin for COVID-19 in Combination with Remdesivir Reduces Viral Load by Nearly 100 Percent.” “The Brilacidin and Remdesivir in vitro combination results are compelling,” said Leo Ehrlich, Chief Executive Officer at Innovation Pharmaceuticals. “As we prepare to initiate our own clinical testing of Brilacidin for COVID-19 as a standalone therapy, given its consistent and robust antiviral activity, these latest test results indicate that combination trials with other drugs may be warranted. To that end, the company is pursuing grant opportunities with potential for larger, government-funded clinical trials. Such trials might include options for administration of Brilacidin in combination with Remdesivir, the world’s leading frontline COVID-19 treatment.” This news by the company has created a lot of interest among stock traders on Twitter.
$IPIX Brilacidin is the drug to rid us of #COVID19 while we wait for them to properly test out Vaccine away from Political interference. #doitright it will be going into healthy people.— RRR1 (@rrr1sr) September 15, 2020
Near 100% effective when coupled with #Remdesivir https://t.co/6am7CC4dUd
INNOVATION PHARMACEUTICAL $IPIX To Reveal New Significant Investment In Company From Leading Boston Based Institutional Fund, Announcement Pendinghttps://t.co/BnESoqsmxY$BSF $HCCI $RWLK $GGAZF $AKTX $SECO $MHTX $WMMVY $BBTpH $ECIFY $SOJC $FONR $HNW $PRGX $ENCTF $PDVW— Rumor Murmurs Buzz (@RumorMurmurBuzz) September 15, 2020
People have been piling into various drug stocks as potential Covid plays. People are looking for a miracle end to Covid. I have no position in this stock and neither does Mike Swanson, who is the head editor of this website. I simply do not know if the IPIX drug is better than other drugs being developed by other companies. Mike Swanson trades small cap stocks and uses specific metrics and entry criteria for doing so. His top small cap stock pick for this month is lining up. You can get his free morning stock market trading briefing. Just click here to subscribe.