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TapImmune Stock: Why It Spiked 84% Last Week

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Stock performance

TapImmune (TPIV) stock saw an ~84.1% hike during the week of June 1–8. On June 8, it closed at $9, which was a 249% growth from its 52-week low of $2.58 on April 23. It was a ~51.3% growth from its previous close of $5.95 on June 7.

On June 5 and June 6, TPIV stock had consistent growth of ~11.3% and ~11.2%, respectively. It has risen ~202% over the last month.

Reason for the hike in the stock

On June 8, TapImmune entered into security purchase agreements with some institutional and accredited investors related to the private placement of its equity securities. New Enterprise Associates will lead the private placement along with participation from Aisling Capital and Perceptive Advisors.

TapImmune also announced that the private placement is anticipated to complete simultaneously with the closure of its proposed merger with Market Therapeutics, which was announced on May 15.

TapImmune will provide 17.5 million shares of its common stock at $4 per share at the closing of the private placement. TapImmune also noted that it would issue warrants to purchase ~13.1 million shares of the company’s common stock at $5 per share, which will be exercisable for five years from the date of issuance.

TapImmune is focused on developing new immunotherapies for cancer. It’s conducting various phase 2 and phase 1b/2 clinical trials for the treatment of ovarian and breast cancers.

Analysts’ recommendations for TapImmune and its peers

One analyst tracking TapImmune has recommended a “buy” rating in June. On June 11, TapImmune had a consensus 12-month target price of $5.50, which represents a ~33.8% decline over the next 12 months.

Of the 18 analysts tracking Incyte (INCY) in June, ~83% of them have recommended a “buy” for the stock. Of the 14 analysts tracking Seattle Genetics (SGEN), ~86% of them have recommended a “buy.” Of the 16 analysts tracking Alnylam Pharmaceuticals (ALNY), ~75% have recommended a “buy.”

On June 11, Incyte, Seattle Genetics, and Alnylam Pharmaceuticals had consensus 12-month target prices of $83.14, $67.33, and $148.19, respectively, which represent ~19.9%, ~0.88%, and 48.1% returns on investment, respectively, over the next 12 months.

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