Oncorus, Inc. (NASDAQ:ONCR) shares are soaring Friday on abnormally high volume. The stock appears to be seeing increased attention ahead of the company’s impending liquidation.
What’s Going On:
- Last Friday, the company’s board announced it approved a liquidation and ONCR shares are set to be suspended from the Nasdaq on June 20.
- On June 1, 2023, Oncorus announced its workforce reduction plan, which stated that the company is assessing all strategic options to maximize value for stakeholders, including an acquisition, merger, reverse merger, licensing, divesture of assets or other transactions
Oncorus has an average session volume of just over 1.3 million, according to Benzinga Pro. Friday’s trading volume has already exceeded 139 million at publication time. The stock is also seeing increased message volume on Stocktwits and brokerage chat rooms as traders circle the name.
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ONCR Price Action: Despite Friday’s surge, ONCR shares are still down nearly 30% over the last month and more than 80% over the last year. ONCR shares were up 17- % at 21 cents at the time of publication, according to Benzinga Pro.
Image: Gerd Altmann from Pixabay
