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The Boston Globe

Business

Cellceutix stock surging on optimism about new cancer drug

Beverly biotech company Cellceutix Corp. surged again on Wednesday, pushing its stock price up by 30 percent in two days of trading since it claimed to be ahead of giants Merck, Roche and Sanofi in the race to develop a new cancer drug.

Cellceutix closed trading on the Nasdaq exchange at $2.42 per share on Wednesday, an all-time high since the company went public in February 2008. The nearly 2 million shares traded were the second most in company history.

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