Before Wednesday’s performance iBio, Inc. (NYSE: IBIO) was facing a little skid. The stock wasn’t tanking by any means, but it wasn’t soaring to the clouds either. Thanks to the mild uptick on Wednesday, investors in the biotech company specializing in the development of plant-based biopharmaceuticals got a chance to enjoy some light relief.
IBIO opened the day’s trading at 0.30; by late afternoon it climbed to a high of 0.34, never dipping below the open for the day. The pullback to 0.30 was not enough to deter investors who ensured that the stock closed up 9% to finish the day 0.33 on volume of 584K. Interestingly the numbers recorded on Wednesday were a welcome departure from the level of interest typically shown by investors. At least that’s how things look when one considers the fact that IBIO has traded for the last 30 days on average volume of 228K – that means of course that the volume numbers on the day represents more than a 100% breakout. Clearly investors are fully attuned to what the stock has to offer has shown by the overwhelming response on Wednesday. Can it continue?
That’s the big question right now and the numbers, to be fair, would make some investors jittery. The YTD performance for IBIO for instance, is down 16% and the numbers for the year show that the stock is down 50%. IBIO is also trailing its 52-week high of 0.72; something investors can’t be happy with. Even the 26% climb on the 52-week low is considered tepid going by many standards of what the stock has done in the past.
Still, IBIO still has a solid profile among biotechs. The plant-based component of what it does gives it green credentials to some extent and this could mean a lot for the company going forward.