As another week winds down to a closer, Aptorum Group (NASDAQ:APM) may be the company that might come on to the radars of many investors today considering the magnitude of the gains made by the stock yesterday.
Trading Data
On Thursday, APM stock soared 38.52% to close at $1.69 with more than 110.32 million shares traded, compared to its average volume of 127K shares. The stock has moved within a range of $1.5100 – 1.7400 after opening trading at $1.58.
Major Trigger
The stock was in the middle of a rollicking rally yesterday and managed to clock gains of as much as 38% as investors piled on to it in a big way. The rally in the stock came about after it emerged that the company’s product SATC-1 had been awarded Orphan Drug Designation by the United States Food and Drug Administration.
It goes without saying that the grant of the designation was a major development for Aptorum Group and investors saw it in the same light as well. Hence, the rally in the stock was perhaps understandable. It should also be noted in this regard that the company is also looking to submit an Investigational New Drug Application in order to start a Phase 1b/2a study into the product.
At this point in time, it is going to be interesting to see if the stock can continue to add to its gains today or if there is a correction.
Key Quote
“The granting of orphan drug designation for SACT-1 for the treatment of neuroblastoma is another important step forward in the development of our drug candidate and reflects both the FDA’s and Aptorum’s commitment to addressing the unmet clinical needs of patients with neuroblastoma.” Further to our recently announced completion of Phase 1 clinical trial and patent grant for SACT-1, we are currently focusing on our IND preparation for entering into the exciting Phase Ib/2a clinical trials for SACT-1 in the United States.”
Technical Data
APM stock is trading below the 50-Day and 200-Day Moving averages of $1.76 and $2.45 respectively. However, the stock is trading above the 20-Day moving average of $1.51.
