Qualigen Therapeutics (QLGN) shares are exploding in pre-market trading on Friday after the biotechnology company announced a new partnership with BitGo, a top digital asset custodian. The deal marks a big shift for Qualigen, which until now has been focused on its biotech business.
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The company said it will use BitGo to help manage a crypto treasury strategy, investing part of its cash in a mix of major cryptocurrencies (not including stablecoins). Qualigen said the goal is to strengthen its balance sheet and benefit from growth in digital assets.
The news has sparked strong buying interest, with QLGN stock up more than 100% in pre-market trading. The jump follows months of weak performance for the stock, and investors appear excited about the company’s move into a fast-growing new sector.
Is QLGN Stock a Buy, Sell, or Hold?
Turning to Wall Street, analyst coverage of Qualigen Therapeutics is limited. Fortunately, TipRanks’ AI analyst has reviewed the stock. AI analyst rates QLGN Underperform (31), pointing to weak revenue, heavy losses, and financial strain. The bearish technical trend adds to the pressure.
Still, the analyst notes that recent investments and leadership changes could bring some improvement in the future.
