Small Cap Up Big As Board Of Directors Seek Strategic Alternatives

Small Cap Up Big As Board Of Directors Seek Strategic Alternatives

By: Dylan Sikes – News

Tuesday, June 28, 2022

A California-based biotech company got quite a bit of attention during Tuesday’s session after the company announced that its Board of Directors will conduct a comprehensive review of strategic alternatives focused on maximizing shareholder value. The release went on to mention that as part of this process, the company “will explore the potential for an acquisition, company sale, merger, divestiture of assets, private placement of equity securities, or other strategic transactions.” This sent shares of Graybug Vision Inc. (Nasdaq:GRAY) rallying strongly during today’s session. 

Graybug Vision Inc. is a clinical-stage biopharmaceutical company focused on developing transformative medicines for the treatment of diseases of the retina and optic nerve. The company's products under pipeline are GB-102, for the treatment of wet age-related macular degeneration, or wet AMD, and diabetic macular edema, or DME; GB-103; and GB-401.

Traders were extremely optimistic on the news as shares of this micro cap soared up to $1.45/share (+75.29%) at the session high. Shares are currently still trading up pretty significantly on the day around $1.10/share (+32.98%) at the time of writing.

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