Little-known biotech company Revelation Biosciences (NASDAQ:REVB) is soaring in early afternoon trading, but there does not seem to be any company news triggering the 120% rally of REVB stock.
The company develops “immunologic-based therapies for the prevention and treatment of disease.” Its top drug candidate, REVTx-99b, treats allergic rhinitis (also known as hay fever) and chronic nasal congestion.
REVB Stock: What Has Revelation Been Up To
Back in January, Revelation disclosed that the viral load of single human cells that received the company’s coronavirus treatment prior to infection was more than 50% below cells that did not receive the treatment. The experiments involving Revelation’s drug REVTx-99 took place in a lab.
“These results, along with our early clinical study results … suggest REVTx-99 creates an anti-viral state in relevant cell types and encourage us to continue our work to demonstrate the anti-viral potential for REVTx-99,” said Revelation CEO James Rolke in a statement.
And on June 13, the company announced that it had “completed enrollment and dosing” of patients for a Phase Ib study of its lead drug candidate, REVTx-99b. The trial is evaluating the efficacy of the drug as a treatment for allergic rhinitis, better known as hay fever.
According to Revelation, “Allergic rhinitis can lead to complications in some cases including nasal polyps, sinusitis, and middle ear infections. People with severe chronic nasal congestion sometimes require surgery.”
Revelation noted that it expects to report the results of the study in the third quarter of this year.
Other Unexplained Rallies
REVB joins a significant list of biotech stocks that have surprisingly skyrocketed recently. Among the other biotech stocks whose shares soared on no definite news this week were Phio Pharmaceuticals (NASDAQ:PHIO) and AcelRx Pharma Inc (NASDAQ:ACRX).
REVB stock has shot up more than 150% in the last month.
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On the date of publication, Larry Ramer 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.
