Although the firm has a nearly $4 billion market capitalization, Joby Aviation (JOBY) behaves like a penny stock. The stock gravitated at the $5.00 level since April. Last week, the stock jumped above the $6.00 level. Toyota (TM) announced a $500 million investment on Oct. 2, 2024.
Toyota invested $894 million in total. Joby’s CEO, JoeBen Bevirt, said that the company is content with deepening its relationship with the Japanese automotive giant. Currently, the idea of air mobility for personal travel is in the development phase. Unfortunately for its shareholders, Joby took advantage of the stock rally by launching a stock sale. This is worth up to $200 million, plus another $30 million in stock for underwriters.
Speculators will buy JOBY stock on the bet that the firm uses the proceeds to grow and expand its business.
In the biotech sector, ImmunityBio (IBRX) jumped by 26.37% on Oct. 5. The immunotherapy developer reported it would initiate a Phase 1 trial for QUILT 106. The study involved 100 patients, who were treated for non-Hodgkin lymphoma.
The study evaluates ImmunityBio’s CAR-NK and CD19 t-haNK cell lines. Enrollment is expected to be completed in Q1 of 2025. It should have clinical data by the second half of the year.