Boston, MA 06/03/2013 (wallstreetpr) – The shares of Telik Inc. (NASDAQ:TELK) had surged in their prices to close at 9.14 percent higher than the closing price on Thursday. The shares of the company which opened at $1.30 per share had increased by $0.12 to close at $1.43 per share for the last trading session on Friday. The shares of Telik Inc. (NASDAQ:TELK) had been trading in the range of $1.30 to $1.68 per share during the day. The shares of the company had recorded 52 week high price level of $4.85 per share and 52 week low price level of $1.09 per share.
Telik Inc. (NASDAQ:TELK) is involved in the discovery and development of small molecule drugs in the field of oncology. The principal product candidate of the company, TELINTRA is presently in the clinical development and is basically a small molecule glutathione analog inhibitor of the enzyme glutathione S-transferase P1-1. Further, the other product candidate of Telik Inc. (NASDAQ:TELK), TELCYTA is a small molecule cancer drug designed to be activated in cancer cells.
Telik Inc. (NASDAQ:TELK) had recently been witnessing new surge in share prices and heavy volumes in trading of shares. The shares of the company had been trading with nearly 383,525 shares being exchanged on Friday while the average trading volume of the pharmaceutical company in the field of oncology is at 34,253 shares per day.
Telik Inc. (NASDAQ:TELK) presently holds 4.56 million shares outstanding in the market and the institutional ownership in the company is at 7 percent of its holdings.
