- The variety of Tiziana Life Sciences’ investors on Robinhood increased by almost double Tesla’s number.
- There’s speculation that the biotech firm’s stock ticker sign is being puzzled with Tesla’s.
- One Tesla share expenses over 200 times the price of a Tiziana share.
The stock of biotech firm Tiziana Life Sciences (NASDAQ: TLSA) was the second-most bought on Robinhood Friday. In a single day, it added over 13,000 investors.
With Tiziana’s ticker symbol looking really similar to Tesla’s (NASDAQ: TSLA), you might be forgiven for confusing one for the other.
It might be reasonable to conclude that Friday’s rise was primarily associated to millennial financiers piling into TLSA thinking they are buying Tesla. However there could be more to the story.
Tiziana Joins the Rush to Benefit From the Pandemic
The massive purchasing of Tiziana’s stock accompanied the biotech company submitting a patent application that might potentially see it cash in on the pandemic.
Specifically, the patent application covers using its immunomodulator called Foralumab for the treatment of COVID-19 An immunomodulator is a chemical agent that stimulates antibody response to eliminate illness. Foralumab is administered via the mouth or nose.
This details caused the stock to rise. On Friday, Tiziana’s stock closed 41.27%greater At one point, the stock had actually risen by 145%prior to paring gains.
Tesla Was Falling as Tiziana Rose.
Tesla, on the other hand, has actually been on a losing streak for the past couple of days. On Friday, Tesla closed almost 4%lower. Considering that hitting a record high of almost $1,800 earlier in July, the stock has lost about 20%
If Robinhood investors were buying believing it was Tesla, there was absolutely nothing product they were acting on. At a time when Tesla was decreasing, the heavy Friday purchasing definitely wasn’t reflected.
This is not the very first time that possible confusion between the ticker symbols is being attributed to big motions for TLSA.
Last month, it was hypothesized that Tiziana’s stock was rising because of a possible stock ticker symbol mixup with Tesla’s. Amongst those who advanced this argument consisted of Nilesh Shah, who possesses over 400,000 Twitter followers.
Too Convenient to Blame It on a Stock Ticker Mixup?
The previous rally accompanied Tiziana announcing it had sent a patent application covering making use of Foralumab in improving the CAR-T treatment for the treatment of cancers and other illness.
About a week later on, the stock fell. The decline was blamed on the truth that the confusion had been cleaned up
This, too, corresponded with Tiziana announcing the workout of 88,580 warrants, which would have resulted in dilution– a perfectly sensible factor for investors to sell.
There may be some investors who are buying and selling Tiziana’s stock, thinking it is Tesla. Provided that these substantial cost moves are taking place around material announcements, the confusion is likely restricted to simply a few. Numerous are most likely acting based on principles.
Plus, the respective prices of the 2 stocks are worlds apart– TLSA is in the single digits while TSLA is trading at 4 figures.
Disclaimer: This article represents the author’s viewpoint and ought to not be thought about financial investment or trading guidance from CCN.com. Unless otherwise noted, the author holds no investment position in those securities.
Last modified: August 1, 2020 3: 13 PM UTC