- NASDAQ: GLSI has surged by 13% on Tuesday and is set to fall by 10% on Wednesday.
- Greenwich Lifesciences' shares may provide a "buy the dip" opportunity.
- Advances in treating breast cancer treatments may push the equity higher, despite competition.
After jumping nearly 1,000% in one day, calm was never unlikely to return to Greenwich Lifesciences Inc (NASDAQ: GLSI). The Stafford, Texas-based company's shares floated on the stock market only in September and immediately tumbled down to around $5. After a period of autumn hibernation, GLSI shot from $5.20 to $57.10 on December 9.
Why did Greenwich Lifesciences jump? The company formerly known as Norwell announced it is beginning a Phase 3 trial design for its GP2 treatment. The drugs aim to prevent breast cancer from recurring. The news broke out in the form of a poster presentation at a neighboring San Antonio Symposium about the disease which kills some 42,000 women in the US every year.
GP2 has the potential to fully prevent a return of the illness, thus making it promising. It is essential to note that other firms are also competing in this field, with shares gaining traction.
See VERU Stock Price And News: Set to hit 26-year high after promising cancer treatment results
Since that leap, shares hit a closing price of $72.20 – albeit less than half of the levels after the Initial Public Offering. Is NASDAQ: GLSI still a buy?
GLSI Stock Price
After leaping by over 13% on Tuesday, a downfall of over 10% is on the cards for Wednesday according to premarket trading. The move may provide a buying opportunity. Apart from changing hands well below the IPO price, Greenwich LifeSciences' valuation is below $1 billion – a small market capitalization for a pharma firm.
The world will soon move away from COVID-19 whle other diseases prevail. Funds could shift to other life-saving ventures, especially those with high potential and low valuations.
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