Celcuity Inc's stock surged 5.35% during intraday trading on Wednesday, showing significant investor interest in the biotechnology company.

The price movement appears to be driven by positive market reaction to corporate governance developments. Celcuity recently amended its Form 8-K filing to disclose board expansion to eight directors and the appointment of Charles (Chip) R. Romp as an independent director. The company also announced his appointments to both the Compensation Committee and the Nominating and Corporate Governance Committee.

Investors typically view board expansion and the addition of independent directors as positive signals of strengthened corporate oversight and governance. The disclosure also included details about director compensation terms, which may have provided transparency that reassured investors about the company's management structure.