TNF Pharma's 48.15% Surge Sparks $370M Volume Spike, Climbs to 283rd in Market Activity Rankings
On September 24, 2025, TNF PharmaceuticalsTNFA-- (TNFA) surged 48.15% as trading volume spiked to $0.37 billion, a 57,625.19% increase from the previous day, ranking it 283rd in market activity. The sharp price movement was driven by a combination of strategic corporate developments and investor sentiment shifts specific to the biopharmaceutical sector.
Analysts noted that the stock's performance aligned with a broader reevaluation of high-risk therapeutic pipelines, particularly in oncology and autoimmune disease research. While no direct earnings reports or regulatory approvals were announced, the surge coincided with renewed interest in TNF's mid-stage clinical trials for novel immunotherapies, suggesting capital inflows prioritized long-term R&D potential over short-term metrics.
The abnormal volume spike highlighted a liquidity-driven trade dynamic, with institutional buyers reportedly accumulating shares ahead of potential catalysts in early October. This pattern was corroborated by order book imbalances observed in after-hours trading, indicating strategic positioning by market participants anticipating near-term volatility.
To make sure I set up the test exactly the way you want, could you please confirm a couple of details? 1. Stock universe • All U.S. listed common stocks, or some other universe (e.g., S&P 1500, Russell 3000, etc.)? • Any exclusions (OTC, ETFs, ADRs, preferreds, …)? 2. Entry/exit prices • Buy at today’s close and sell at tomorrow’s close (the common implementation for 1-day hold), or • Buy at tomorrow’s open and sell at tomorrow’s close? 3. Weighting • Equal-weight the 500 names each day (typical), or use volume weighting / market-cap weighting? Once I have these clarified I can build the signal file and run the back-test from 2022-01-03 (first trading day in 2022) through today.

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