Why Regencell Bioscience Holdings Limited (RGC) Soared Last Week?

We recently published a list of These 10 Stocks Posted Double-, Triple-Digit Gains Last Week. In this article, we are going to take a look at where Regencell Bioscience Holdings Limited (NASDAQ:RGC) stands against other stocks that posted double-, triple-digit gains last week.

Micro- and small-cap companies dominated gains on the stock market last week, bucking an overall market pessimism, thanks to a flurry of company developments that bolstered investing appetite, including acquisition and stellar earnings performance.

In this article, we listed the names of last week’s top performers and detailed the reasons behind their gains based on their share prices last Friday, March 14, and their closing prices on March 7, or the Friday prior.

We classify micro-cap companies as those with a market capitalization below $300 million and small-cap firms as those with a market capitalization below $1 billion.

CHAIWATPHOTOS/Shutterstock.com

Regencell Bioscience Holdings Limited (NASDAQ:RGC)

Regencell spiked up by 207 percent week-on-week to close at $12.62 on Friday following a share buyback from another shareholder.

For the week alone, RGC registered gains as high as 242 percent after finishing at $14.09 on Thursday.

According to the company, its CEO Yat-Gai Au personally financed a share buyback program of 652,000 RGC shares from investment company Digital Mobile Venture.

The company snapped up more than $6.2 million of shares at an average price of $9.5 apiece. Following the acquisition, Au owned a little over 11 million shares, representing 86 percent of the company.

RGC is a biotech company that’s on a mission to commercialize traditional Chinese medicine for ADHD treatment, a subject that hits close to home for Au.

Overall, RGC ranks 1st on our list of stocks that posted double-, triple-digit gains last week. While we acknowledge the potential of RGC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as RGC but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires

Disclosure: None. This article is originally published at Insider Monkey.