Qualigen Therapeutics, Inc. (NASDAQ: QLGN) experienced a turbulent trading session on Friday, with its stock price surging by an impressive 110% during regular trading hours, climbing from $0.2053 to $0.4295. However, this dramatic rise was followed by a steep decline in afterhours trading, where the stock plunged nearly 24%.
Market Volatility and Qualigen Volume Surge
The rollercoaster ride of QLGN’s stock was marked by unprecedented trading volume. Typically, the stock sees about 12 million shares exchanged, but Friday saw an astounding 420 million shares traded. This spike in activity and volatility was largely driven by recent announcements from the company, including securing a $2 million senior loan note and significant changes to its board of directors.
Corporate Qualigen Updates Fueling Movement
Qualigen Therapeutics, a biotechnology firm focused on developing cancer and infectious disease therapeutics, recently filed an 8-K detailing these updates. The company’s cancer pipeline includes ALAN (AS1411-GNP), RAS-F3, and STARS, all of which are promising cancer treatment candidates. The secured loan, under a Securities Purchase Agreement with an institutional investor, features a principal amount of $2 million, an 18% interest rate, and a maturity date of July 8, 2025.
Additionally, several board members resigned, including Richard David, Sidney Emery, Kurt Kruger, and Ira Ritter, and were replaced by Campbell Becher, Robert Lim, and Cody Price. The company also saw the complete conversion of a $3.3 million senior convertible debenture into common stock, increasing its outstanding shares to 11,382,830.
Investor Sentiment and Future Outlook
Despite the afterhours drop, bullish investors remain optimistic about QLGN’s future. Some believe the stock could gap to $2-3 in the coming week, driven by the company’s promising therapeutic developments and recent corporate changes. While the stock trended downward in the 5-minute chart towards market close and afterhours, the 30-minute chart shows an upward trend that could carry into premarket trading on Monday.
Conclusion
Qualigen Therapeutics’ wild price fluctuations on Friday highlight the market’s response to its recent strategic moves and promising therapeutic pipeline. Investors will be closely watching premarket activity on Monday to gauge the stock’s direction and potential for continued growth. As the company navigates these changes, its developments in cancer therapeutics remain a focal point for stakeholders.
