Shares of Durham drug company Heat Biologics jumped 28 percent for no discernible reason Thursday.
Trading was unusually heavy. The 1.4 million shares that traded hands Thursday was nearly 70 times greater than any on any other day this month.
Heat Biologics shares closed Thursday at $5.30, up $1.16. Investor website Seeking Alpha noted there was “no news” to account for the movement.
Heat Biologics, a small drug-development company with no products on the market, went public at $10 a share 13 months ago. Its shares peaked at $14.60 in October and have eroded since then, hitting a low of $3.81 earlier this month.
Heat Biologics’ leading drug candidate is a lung cancer treatment; it’s also developing a treatment for bladder cancer.
Last week the company reported a second-quarter loss of $2.8 million, or 44 cents per share. It had $16.8 million in cash as of June 30.