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Investing.com -- Cyclacel Pharmaceuticals , Inc. (NASDAQ:CYCC) stock fell 14% on Wednesday morning, giving back some of its massive 270% gain from the previous session as the company addressed recent stock price volatility.
The biopharmaceutical company stated it is "not aware of any material developments or changes to its operating or financial condition that precipitated the volume and price movements" that occurred on July 15. Cyclacel confirmed there have been no material adverse changes to its operating results, business, strategy, or prospects beyond what has already been publicly disclosed.
The only recent announcement from the company was an amendment to an Exchange Agreement with FITTERS Diversified Berhad (KLSE:9318), which was disclosed on July 7. This amendment appears unrelated to the dramatic stock price movements seen this week.
Cyclacel develops innovative medicines and has experienced significant stock volatility in recent trading sessions. The company’s statement suggests the dramatic price swings were not driven by fundamental changes in its business operations or financial position.
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