Clinical stage biotech company Rezolute Inc (NASDAQ:RZLT) has seen its stock go into a remarkable rally over the course of the past week and clock gains of as much as 70% during the period.
Trading Data
On Wednesday, RZLT stock gained 7.34% to $3.95 with 8.8 million shares, compared to its average volume of 177K shares. The stock moved within a range of $3.2450 – 4.6400 after opening trade at $4.41.
Rezolute Announces Positive Results from the Phase 2b RIZE Study of RZ358 in Congenital Hyperinsulinism
As a matter of fact, the company was in the news on Wednesday after it announced the data from the Phase 2 RIZE study of its product RZ 358. The product in question is meant for treating patients who suffer from congenital hyperinsulinism. In light of the latest announcement from the company, the Rezolute stock could come into focus once again and hence, it could be a good idea to take a look at some of the highlights from the results.
As per the data, the product was not only found to be safe but had also been found to be tolerable and those are important attributes in any medicine.
However, perhaps the most important finding from the study was the fact that the human monoclonal antibodies present in RZ 358 had managed to bring about considerable improvements in patients who had been suffering from hyperglycaemia. It will now be interesting to see if the stock can continue to add to its gains in the coming days.
Key Quote
“We are very encouraged by the results and are looking forward to moving the program into Phase 3,” said Nevan Charles Elam, CEO and Founder of Rezolute. Mr. Elam continued, “We are very grateful to the patients, their families, patient advocacy organizations, and the investigators who participated in this study. I also appreciate the tremendous dedication of the Rezolute team, who are mission driven to develop an innovative treatment option for this debilitating condition.”
Technical Data
RZLT stock is above the 20-Day and 200-Day Moving averages of $3.20 and $3.77 respectively. The stock is trading in the neutral zone with the RSI at 60.
