- Rubius Therapeutics (RUBY) stock rallied 35.8% despite a lack of news.
- The rally was driven by buyers who might know something others don’t know.
- So, should you buy RUBY shares? Read on to find out.
The Rubius Therapeutics Inc (NASDAQ: RUBY) stock price rallied 35.8% despite a lack of news from the company. The last major announcement by the company was discontinuing all its clinical programs on September 13, 2022.
At the time, the company also announced that it was firing 75% of its workforce to lower costs and ensure that its current cash reserves could last up to the end of 2023. The developments triggered a downtrend in RUBY stock, which has continued up to date.
Today’s rally in RUBY stock indicates that a flood of buy orders has been submitted, pushing its prices higher despite the lack of news from the company. Such moves usually preempt a positive announcement from the affected company.
Buyers who step in and buy a firm’s shares without any publicly-known reasons usually know something other investors do not know. They are usually the smart money traders and investors who have discovered something about the firm that is not in the public domain yet.
Rubius Therapeutics wants to focus on its red blood cell (RBC)-based cell conjugation platform. The company noted that it had dosed over 80 patients in three clinical trials, demonstrating that red blood cells can be manufactured at scale and safely administered to activate a patient’s immune system.
The clinical trials showed that red blood cells could play a role in shrinking tumors and prolonged stable disease in patients with refractory solid tumors. However, Rubius decided to end further investments in the clinical trials as it focused on advancing its next-generation red blood cell platforms.
Rubius hopes to improve the existing benefits of the RED PLATFORM to achieve greater efficacy and enhance versatility while maintaining a favourable tolerability platform.
Following today’s rally, investors should keep an eye on RUBY shares to see if the company will make any further announcements. For those looking to buy RUBY shares, I would wait and see if the stock will rally further in the coming days before buying them.
*This is not investment advice.
Rubius Therapeutics (RUBY) stock price.
Rubius Therapeutics (RUBY) stock rallied 35.83% to trade at $0.6214, rising from Thursday’s closing price of $0.4546.