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Why Oramed Pharmaceuticals Stock Rocketed Higher Today

Shares of the clinical-stage biotech Oramed Pharmaceuticals (NASDAQ: ORMP) were up by a staggering 41.6% as of 3:30 p.m. ET on Friday afternoon. To put this surge in volume into the proper context, the average daily volume for Oramed’s stock over the prior 30-day period has been less than 900,000 shares. Over the last 12 months, Oramed’s stock has attracted short sellers in droves, thanks to the global turmoil in financial markets, the drawdown across clinical-stage biotech stocks, geopolitical unrest, and rising interest rates.