Shares of development stage Ampio Pharmaceuticals (AMPE +22.5%) are up in apparent response to Citi's initiation of coverage with a Buy rating. There is no particular news that justifies the move other that the firm's 10-Q filing yesterday. The company announced on April 21 that its wholly-owned subsidiary, Vyrix Pharmaceuticals, filed an S-1 to prepare for an IPO.
In Q1 Ampio burned $8.5M. It has cash and equivalents of $78.2M.