The biopharmaceutical industry is seeing a big day from one of its players. Annovis Bio (NYSEMKT:ANVS) stock is up huge with some big news. A drug trial is showing signs of significant improvement in subjects, and the result is a 200%-plus gain.
Annovis is a relatively young player in biopharmaceuticals, founded in 2008. As a clinical-stage biomedicine outfit, it seeks to develop and commercialize products for the treatment of neurological diseases.
A new drug treatment by Annovis in treating Alzheimer’s and Parkinson’s is showing great promise in treating the diseases. The treatment was tested in 28 patients, half with Alzheimer’s and half with Parkinson’s. Trial subjects received the drug over a 25-day period.
ANVS Stock Skyrockets After Trial Yields Positive Results
At the end of the trial period, subjects who received that drug had significantly improved cognitive function as compared to those who received a placebo. Notably, the test is outperforming similar trials by competitors Biogen (NASDAQ:BIIB) and Cassava Sciences (NASDAQ:SAVA).
The treatment is meant to target neurotoxic proteins in the brain, and ANVS is speaking to its efficacy. CEO Maria Maccecchini says the study supports the company’s longstanding belief that “the impairment of axonal transport, the information highway of the nerve cell, affects nerve cells in the same way in both diseases.” The results are very heartening to investors interested in seeing treatment for both diseases, which lack cures.
The next steps for ANVS are to continue testing. A full study on the drug is in line for mid-summer, and investors are already looking forward to more positive results. Additionally, the company hopes to present results to the FDA in late 2021.
The results of the trial are translating to gigantic gains for ANVS stock. Shares are trading hands at $92.12, a whopping 251% gain on the day. Trading volume is over 30 million today, up from the 200,000 trading average it typically posts. It’s obvious that this news is huge for investors.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.