Tevogen Bio Holdings Inc. (TVGN) Stock Price Surge
Tevogen Bio Holdings Inc. (TVGN) shares experienced a significant increase in value on Monday, potentially driven by momentum from a late-Friday announcement regarding operational updates.
Tevogen announced its nearing completion of a deal with CD8 Technology to establish a comprehensive facility for pre-clinical research and GMP manufacturing capabilities.
This facility will be staffed by Tevogen, providing the necessary infrastructure to advance the company's pipeline.
Tevogen highlighted an active agreement enabling access to a $36 million line of credit, supporting ongoing operations and long-term growth efforts.
Company leadership addressed the depressed stock price and reassured investors of their focus on sustaining financial stability and shareholder value.
Tevogen Bio shares have declined by more than 87% year-to-date.
The stock price surged over 30% on Friday and closed nearly 10% higher for the session.
On Monday, TVGN shares were up 12.7% at $1.37 at the time of writing.
Kirti Desai, Tevogen Bio's CFO, commented: "As we prepare to file our most recent quarterly financials, I want to highlight that Tevogen Bio has the funding it needs to sustain its operations and continue executing our strategy. We remain attentive to enhancing shareholder value, which is always top of mind for our team as we work to drive long-term success."
Overall, the recent announcements and management commentary appear to have instilled renewed confidence in Tevogen Bio, leading to a surge in its stock price.