Spruce Bioscience (Nasdaq: SPRB) shares soared by 1,378% on Monday to $130.40 (£97). The stock is up another 82% during premarket hours on Tuesday. The monumental stock price jump in a single trading session was reflected in the trading volume of over 24 million shares compared with a daily average of 390,249.
The emerging late-stage biopharma company aims to research, develop, and commercialise novel therapies for a range of neurological disorders. Yesterday, the company announced that the US Food and Drug Administration (FDA) granted Breakthrough Therapy Designation (BTD) to tralesinidase alfa enzyme replacement therapy (TA-ERT) for the treatment of Sanfilippo Syndrome Type B (MPS IIIB).
