A Covid winSocial media gets all up in a knot on news that medical device company Aethlon Medical basically cured COVID. What do we mean by knot? A 388% price bump, that’s what.
Aethlon Medical jumped as much as 465% and closed on Wednesday with gains of 388% after a report came out regarding its fight against the coronavirus. Two patients who had access to one of the company's devices showed positive improvements when neither was expected to survive. Everyone loves a success story, and the news sparked a mass discussion on social media, giving the stock a serious one day rally before it fell 36% again the following day.
The medical device producer has a float of around 12 million shares, only around 2% of which are on loan, and over 15 million shares changed hands last week, driven by social media. Message volume on StockTwits was over 1,500% more than average, and traders transacted 178 million units of the stock – dwarfing its 2.1 million average.
The share price has been on a slow but steady decline since the beginning of the year, losing around 10% of its value and still struggling to reach profitability, so it was a nice little boost to start H2 with. Will it last though? We’re back down to $6 on Friday, so looks like maybe it was just a flash in the pan.