Why Benitec Biopharma (BNTC) Stock Is Skyrocketing Today

The shares of Benitec Biopharma Inc BNTC are trading 92.5% higher at $6.14 in the early pre-market session on Tuesday. 

What Happened: Benitec shares had closed at $3.19 on Monday.

The surge follows Morgan Stanley MS disclosing in a filing with the U.S. Securities and Exchange Commission after the markets closed on Monday that it had increased its stake by about 5.2% in the Australian biotechnology company.

Morgan Stanley disclosed in the 13G filing it now owned 249,174 shares in Benitec, compared to about 13,100 earlier.

Benitec is engaged in providing gene silencing therapies, combining RNA interference with gene therapy.

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The company’s stock has a 52-week high of $17.39 and a 52-week low of $2.3. Benitec remained flat year-to-date as of Monday’s close, having ended 2020 at $3 per share.