Celularity Inc. CELU, a biotechnology company based in the United States, saw an 8.04% rise in the stock value in the pre-market hours on Tuesday.
What Happened: The pre-market hours witnessed a surge in Celularity’s stock value, which rose by 8.04% to $2.42. The stock closed at $2.24 on Monday, with a 6.16% increase.
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On July 1, a change in Florida law was made, allowing certain stem cell therapies without US Food and Drug Administration (FDA) approval. The regulatory shift drove Celularity’s stock price sharply higher.
Why It Matters: The recent surge in Celularity’s stock value follows the company’s announcement of a partnership with Fountain Life to supply stem cell therapy products. This partnership was announced on July 9, and it has had a positive impact on the company’s stock value.
Earlier in June, Celularity made headlines when it terminated the employment of its Chief Financial Officer, David Beers, and appointed Joseph DosSantos as the interim CFO. This move was seen as part of the company’s efforts to restructure its leadership and operations.
Despite the recent surge, Celularity’s stock has experienced a significant decrease from its year-to-date high of $5.22. The company’s market cap currently stands at $53.65 million, with an average volume of 71,080 shares.
Price Action: CELU stock closed up at 6.16% at $2.24 during regular trading hours on July 14.
With Momentum in the 25th percentile, Benzinga's Edge Stock Rankings indicate, Celularity Inc. stocks have positive trends across all time frames. Know how the stock fares on other parameters here.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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