Shares of Aethlon Medical (AEMD) - Get Report jumped on Wednesday after the Reddit investing crowd turned its attention to a device from the medical-technology company that showed promising results for two COVID-19 patients.
That social-media discussion prompted nearly 73 million shares recently to change hands on a stock that has a float of about 11.9 million shares.
Shares of the San Diego company at last check traded at $10.70, up from Tuesday's close at $2.21. The stock has traded on Wednesday as high as $11.60.
"This stock just went from averaging $1.40 with a half a million trades to 11 million trades at $9.00 -- to the moon!," Reddit user u/InsaneNomad commented Wednesday morning.
Some users tout the company's Hemopurifier as an effective COVID-19 treatment.
"To the moon!! (sic) I like the company and COVID treatment," user u/Rva wrote.
Reddit users referenced a June 8 Zacks report about the Hemopurifier
A June 3 news release from the company said its Hemopurifier cartridge is designed to filter viruses and exosomes from the blood.
The device was used to treat two critically ill COVID-19 patients. They showed improvement while using the device, the company said.
The device has been designated by the U.S. Food and Drug Administration as a breakthrough device treating patients with advanced or metastatic cancer.
The FDA is currently conducting an early feasibility study of the device. This enables the company to work directly with sponsors and FDA review teams on the device.
Stocks that have been picked up on social-media sites like Reddit have seen sharp moves on the back of trading by small investors.