Glucotrack Shares Surge 80% After Lokahi Signs First Client Deal
Glucotrack stock jumped 80.30% in after-hours trading following a fee-for-service deal with a glioblastoma research nonprofit.
Key points
- Glucotrack stock surged 80.30% to $3.66 in after-hours trading on Wednesday.
- Subsidiary Lokahi Therapeutics signed its first external fee-for-service deal with Innovate GBM.
- Trading volume hit 27.58 million shares, significantly higher than the 1.34 million average.
Glucotrack, Inc. shares rose 80.30% to $3.66 in after-hours trading on Wednesday. The New Jersey-based company announced that its subsidiary, Lokahi Therapeutics, signed its first external fee-for-service partnership.
The deal marks a shift toward generating revenue from outside the firm. Innovate GBM, a nonprofit focused on glioblastoma research, engaged two of Lokahi’s AI project teams. This marks the first time an outside organization has used Lokahi’s proprietary asset-identification process.
Nonprofit engages AI pipeline teams
Innovate GBM will use the service to identify brain tumor therapeutic assets. The goal is to find assets available for licensing and development. The process is built on 14 university collaborations, providing a structured search method.
Kush Thukral, co-executive director of Innovate GBM, described the tool as capital-efficient. Erik Emerson, Glucotrack’s CEO, stated the concept is beginning to scale. The company aims to bring more perspectives to therapeutic opportunity searches.
Trading volume spikes sharply
Trading activity increased significantly during the session. Volume reached 27.58 million shares, far exceeding the average of 1.34 million. The stock closed the regular session at $2.03, down 8.56%.
Glucotrack has a market capitalization of $1.62 million. The stock hit a 52-week high of $135.75 and a low of $2.00. It has fallen 97.64% over the past 12 months.
Technical indicators remain weak
The Relative Strength Index for GCTK stood at 29.96. Benzinga data indicates a negative price trend across all time frames. The after-hours jump contrasts with the broader downward momentum recorded in recent months.
