Yesterday California-based Armata Pharmaceuticals (NYSEAMERICAN:ARMP) was in the news after the biotech company made a major announcement with regard to one of its products.
Trading Data
On Monday, ARMP stock ended flat at $4.25 with more than 472 million shares, compared to its average volume of 9.9K shares. The stock moved within a range of $4.1700 – 4.2500 after opening trading at $4.17.
Key Details
The company announced that it had been successful in administering the dose to the first patient as part of its Phase 1b/2a clinical trial of the product AP-SAO2. The product in question is being developed by Amrata for the purpose of treating those suffering from the complex Staphylococcus aureus bacteremia. It goes without saying that the development from yesterday was an important one and could bring the Amrata stock into sharp focus among investors who are looking for biotech plays.
See Why OTC Investors Should Put This Medical Technology Stock On Their Watchlist Now.
In this context, it may be a good idea to keep in mind that back in June 2020, the company had been awarded a grant worth as much as $15 million by the Department of Defense. It was awarded through the Medical Technology Enterprise Consortium.
At this point in time, it may be a good idea for investors to consider adding the Amrata stock to their watch lists and watch for further developments with regard to the above-mentioned clinical trial. It will be interesting to see if the stock gets any traction today.
Key Quote
“The dosing of the first patient in Armata’s diSArm study represents a critical milestone in targeting a dangerous pathogen,” stated Dr. Brian Varnum, Chief Executive Officer of Armata. “We are excited to initiate dosing with our second phage product candidate, expanding the exploration of phage benefit in difficult-to-treat infections. The Armata team has worked diligently, along with our partners at the U.S. Department of Defense (DoD), to potentially bring this new therapy to patients with high unmet need.”
Technical Data
ARMP stock is trading below the 20-Day and 50-Day Moving averages of $4.32 and $4.66 respectively. Moreover, the stock is trading below the 200-Day moving average of $4.46.
