Shares of Hoth Therapeutics (NASDAQ:HOTH) stock are skyrocketing on Tuesday following positive preclinical results from the firm’s novel coronavirus treatment.
Hoth said that HT-002, its leading peptide candidate for coronavirus treatment, “was shown to inhibit 50% of the cytopathic effect (CPE) of the SARS-CoV-2 virus at 61.7 µM (the EC50).” Additionally, there was no cytotoxicity present in concentrations up to 200 µM of HT-002 — meaning it is a promising COVID-19 therapeutic at various dilutions.
“We are encouraged by these extremely positive in vitro results supporting that HT-002’s novel peptide could provide substantial antiviral activity against SARS-CoV-2,” Dr. Stefanie Johns, Chief Scientific Officer of Hoth Therapeutics, said. “This data supports that HT-002 has the potential to be developed as a novel therapeutic to both prevent and treat COVID-19.”
Furthermore, according to the release, Hoth plans on moving forward with HT-002 by pursuing further preclinical animal studies.
HOTH stock was up 22.9% as of Tuesday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a web editor at InvestorPlace.
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