Coronavirus Stocks Are Thursday’s Biggest Winners
Tiziana Life Sciences and CleanSpark were two of the biggest stock winners on Thursday after each company provided an update on what it is doing to fight the novel coronavirus.
Tiziana Life Sciences PLC (NASDAQ: TLSA) and CleanSpark Inc. (NASDAQ: CLSK) were two of the biggest winners on Thursday after each company provided an update on what it is doing to fight the novel coronavirus.
While neither company is a household name, their stocks made a splash on Thursday. Note that each company has a relatively small market cap and fewer than 30 employees.
Tiziana announced that it has developed an investigational new technology to treat the COVID-19 infection. This consists of direct delivery of anti-interleukin-6 receptor (anti-IL-6R) monoclonal antibodies (mAbs) into the lungs using a handheld inhaler or nebulizer.
The development of this novel technology is a step forward toward expediting the development of TZLS-501, a fully human anti-IL-6R mAb for treatment of patients infected with COVID-19 coronavirus (SARS-CoV-2).
Management believes the technology also could be applicable for use with other FDA-approved mAbs and drugs. The company has submitted a provisional patent application for the delivery technology.
Tiziana stock was last seen up about 51% at $3.28, in a 52-week range of $1.54 to $7.70. The consensus price target is $10.00.
CleanSpark announced that it has created a joint-venture relationship (JV) with members of its multinational supply and distribution channel partners. The JV has secured significant quantities of N-95 masks, KN-95 masks, gowns, gloves and other personal protective equipment (PPE) to be supplied to hospitals and frontline medical personnel who are in dire need while fighting the COVID-19 outbreak.
Zach Bradford, CEO of CleanSpark, commented:
CleanSpark is pleased to have the opportunity to leverage our existing relationships and commit our resources to provide relief within the constrained supply chain for certain medical equipment. Our capital participation will allow the JV to increase the quantities of PPE’s our partners can procure for shipment to the US. CleanSpark anticipates a reasonable return on investment for our participation to the benefit of the shareholders, as well as the end users of the equipment by ensuring that the PPE is supplied at fair prices to those most in need. The JV partners have long-standing import relationships and as such, have secured competitive pricing on the otherwise unavailable Personal Protective Equipment.
CleanSpark stock traded up about 156% to $2.80, in a 52-week range of $0.97 to $34.50. The consensus price target is $18.00.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
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When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
