XTL Biopharmaceuticals Ltd. (XTLB) jumped sharply on Tuesday, rising 58.13 percent, or $0.3970, to trade at $1.08, after the company announced a binding agreement to acquire an 85 percent stake in NeuroNOS Ltd., marking its entry into the autism therapeutics market.
The stock opened at $0.8670, compared with a previous close of $0.6830, and traded between $0.7501 and $1.41 during the session on the Nasdaq. Shares were last seen changing hands at $1.08. Trading volume surged to about 33.61 million shares, far exceeding the average volume of roughly 76,600 shares.
The rally follows XTL's announcement that it will acquire NeuroNOS, a subsidiary of Beyond Air, positioning the company as a player in the development of disease-modifying therapies for autism spectrum disorder.
The transaction brings Nobel Prize winning scientific leadership into XTL's platform and targets the core biology of autism, an area with significant unmet medical need. The stock has traded within a 52-week range of $0.53 to $2.57.
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