Why Is Hoth Therapeutics (HOTH) Stock Skyrocketing 110% Today?

Hoth Therapeutics (NASDAQ:HOTH) stock is rising higher on Monday after the biopharmaceutical company provided an update on HT-KIT.

colorful pills and vials sitting on a table representing HOTH stock.

Source: Bukhta Yurii / Shutterstock.com

HT-KIT is the company’s novel cancer therapeutic still in development. The positive news sending the stock higher today comes from recent results from the drug. That includes effectiveness in the treatment of cancer.

According to this data, HT-KIT was successful in reducing KIT protein expression, signaling, and function in leukemia cells in vitro. It also prevented further cell growth, as well as induced cell death over 72 hours.

Hoth Therapeutics also handled a humanized mast cell leukemia mouse model. In this case, tumor cell growth and spread to other organs were reduced. The company also saw an increase in tumor cell death after the treatment.

Robb Knie, CEO of Hoth Therapeutics, said the following about the news boosting the company’s stock higher today.

“With our HT-KIT drug, we are flipping off a key cancer signal that’s involved in multiple aggressive cancers, such as systemic mastocytosis, mast cell leukemia, gastrointestinal stromal tumors and acute myeloid leukemia. Our approach avoids pitfalls related to KIT mutations by targeting mRNA.”

Hoth Therapeutics notes that it’s already starting up pre-clinical trials for further tests of HT-KIT. It hopes to use data from these tests in a presentation with the U.S. Food and Drug Administration (FDA) later this year.

HOTH stock is seeing heavy trading on today’s news. As of this news, more than 101 million shares of the stock have changed hands. That’s a massive surge over its daily average trading volume of 734,000 shares.

HOTH stock is up 113.5% as of Monday morning.

Investors looking for more stock market news today are in the right place!

InvestorPlace is home to all the latest stock market coverage that traders need for Monday! Among that is what has shares of Warner Bros. Discovery (NASDAQ:WBD), Twitter (NYSE:TWTR) and Advanced Micro Devices (NASDAQ:AMD) stock in the spotlight today. You can find out all about these topics at the following links!

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On the date of publication, William White 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.

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