Texas-based biotech Greenwich Life Sciences (NASDAQ: GLSI) is currently developing immunotherapy for use against certain types of breast cancer. Founded in 2006, the company was actually 2020’s top-performing IPO, appearing on the market at $5.75 in September and hitting a low of $3.26 in November before peaking at $72 in December, when news first broke regarding positive phase 2b results in breast cancer patients. Investors were ecstatic, but the boost didn’t last. The stock ended up being shorted heavily until it stabilized and is currently at about $32.
What caused such a dramatic rise and fall, and is the stock’s valuation appealing now?