Shares of ImmunoCellular Therapeutics skyrocketed Wednesday, closing nearly 90 percent higher despite the absence of announcements from the company.
This was the highest the company’s shares had closed since beginning of May. The Calabasas biotech’s shares had dropped significantly after the Securities and Exchange Commission on May 11th accused the company’s former chief executive, Manish Singh, of a fraudulent stock-promotion scheme.
Last Thursday, the company announced that it will halt the clinical trial of its lead product and that it had received a notice from New York Stock Exchange that its stock was out of compliance with NYSE requirements.
Shares of ImmunoCellular (IMUC) closed up 80 cents, or 89 percent, to $1.70 on the New York Stock Exchange.