Annovis Bio (NYSE:ANVS) stock is soaring higher on Thursday following a positive update from the U.S. Food and Drug Administration (FDA) for its buntanetap clinical trial.
Buntanetap is a drug in development by Annovis Bio for the treatment of Parkinson’s disease with a Phase 3 clinical trial planned. The update from the FDA allows the pharmaceutical company to move forward with its Phase 3 clinical trial of the drug.
The big news here is that Annovis Bio can now hold much longer clinical trials for buntanetap. That includes trials that could last for years, as compared to its previous limitation of just one month.
This change came after the company submitted data from its tests on mice, rats, dogs, and more than 200 humans. That showed the drug as safe for long-term treatment and study in humans.
Maria L. Maccecchini, Ph.D., founder, president and CEO of Annovis Bio, said the following in the news release boosting ANVS stock today.
“The positive FDA review affirms the Company’s path to securing approval for buntanetap to treat neurodegenerative diseases, including Parkinson’s and Alzheimer’s diseases, with longer treatment regimens. With this FDA notice in hand, we are thrilled to start recruiting for the US clinical trial soon, expected later this summer.”
ANVS stock is also seeing heavy trading today alongside the FDA news. This has more than 1 million shares changing hands. The company’s daily average trading volume is closer to 41,500 shares.
ANVS stock is up 5.7% as of Thursday morning.
Investors seeking out more recent stock market news will want to keep reading!
InvestorPlace has all the latest stock market coverage that traders need to know about for Thursday! Among that is what has shares of GameStop (NYSE:GME) stock on the move, as well as this morning’s biggest pre-market stock movers. You can read all of that news at the following links!
More Thursday Stock Market News
- When Is the GameStop Stock Split Date? What Will Happen to GME Stock?
- Dear GME Stock Fans, Mark Your Calendars for July 22
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
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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.
