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Stock Alert: Phoenix Tree Surges 94%

Shares of Phoenix Tree Holdings Limited (DNK) are skyrocketing more than 94 percent or $2.27 in Wednesday's morning trade at $4.67 despite no company-centric news.

U.S. stocks are mostly higher on Wednesday in reaction to more upbeat news regarding the coronavirus vaccine candidate being developed by Pfizer and BioNTech. The companies said the final efficacy analysis of their ongoing Phase 3 study of the coronavirus vaccine candidate indicated a vaccine efficacy rate of 95 percent.

Phoenix Tree leases apartments from property owners and rents them to residents and corporate clients in the People's Republic of China.

The stock has traded in a range of $1.27 to $13.90 in the past 52 weeks.

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