Why Is Pieris Pharmaceuticals (PIRS) Stock Up 77% Today?

Pieris Pharmaceuticals (NASDAQ:PIRS) stock is rocketing higher on Wednesday after announcing a merger agreement with Palvella Therapeutics. Pieris Pharmaceuticals and Palvella Therapeutics will enact an all-stock transfer for this merger. That will result in Pieris Pharmaceuticals issuing shares of PIRS stock to Palvella stockholders. This will cancel out those investors shares of capital stock of Palvella. Pieris Pharmaceuticals notes that after the merger, 18% of the combined company will belong to pre-me ...