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Why Oramed Pharmaceuticals Stock Is On Fire Today

TheMotleyFool

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Why Oramed Pharmaceuticals Stock Is On Fire TodayPhoto, wide shot, wide-angle lens, Medical device manufacturer, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Michael Light: https://img.theapi.app/temp/3a7f6312-1eee-4702-9005-93cc1e62f970.png

Shares of the clinical-stage biotech Oramed Pharmaceuticals (NASDAQ: ORMP) are having a banner day today. Specifically, the company's stock price rose by as much as 40% on extremely high volume early on in Tuesday's trading session. The biotech's shares have cooled off as the day has progressed. But Oramed's stock was still up by a respectiable 16% as of 1:23 p.m ET Tuesday afternoon.

What's causing investors to rush into this small-cap biotech stock? Oramed's shares have been racing higher ever since management released a letter to shareholders last Friday.

Image source: Getty Images.

Source Fool.com

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