Cyclacel Pharmaceuticals, Inc. (NASDAQ:CYCC) shares dropped 14% Wednesday morning, retracing part of the huge 270% rally seen the day before, as the company addressed the recent sharp price fluctuations.
The biotech firm said it is “not aware of any material developments or changes to its operating or financial condition that precipitated the volume and price movements” on July 15. Cyclacel confirmed no significant adverse changes to its business, operations, strategy, or outlook beyond what has already been disclosed.
The company’s only recent update was an amendment to an Exchange Agreement with FITTERS Diversified Berhad (KLSE:9318), announced on July 7, which appears unrelated to the recent stock volatility.
Cyclacel focuses on developing innovative medicines and has faced notable price swings in recent sessions. The company’s statement suggests the wild trading was not caused by any fundamental shifts in its operations or finances.
Cyclacel Pharmaceuticals stock price
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