Vallon Pharmaceuticals, Inc. (VLON) closed on Friday at $0.4625 with a gain of $0.1945 or +72.57%. VLON didn’t stop there and went on to add another 25.41% after the market closed.
In terms of shares traded, more than 127,946,187 shares exchanged hands compared to an average daily volume of just shy of 5M.
So why is VLON surging ?
On January 17, VLON, a private biotech firm developing Natural Killer T cell regulators for inflammatory, fibrotic and autoimmune diseases, announced that its CEO David Baker and GRI Bio CEO Marc Hertz will present at the Virtual Investor 2023 Companies to Watch Event. During the event, Vallon and GRI Bio will cover their definitive agreement, where GRI Bio will merge with a wholly-owned subsidiary of Vallon in an all-stock transaction. The combined company will concentrate on progressing GRI Bio’s pipeline of NKT cell modulators, which aims to treat inflammatory, fibrotic, and autoimmune diseases. The transaction is slated to conclude in Q1 2023.
Interestingly, there is no new news from the company since then which leaves two causes for this surge. Either someone knows something or it’s simply an effect of meme stock mania ? It would be interesting to see if the company issues any update.
Other notable stocks to watch include AMTD IDEA Group (NYSE: AMTD), Bright Green Corporation (NASDAQ: BGXX), Vallon Pharmaceuticals, Inc. (NASDAQ: VLON).