Verona Pharma (NASDAQ:VRNA) stock is rocketing higher on Tuesday following the release of its second-quarter earnings report and clinical trial results.
Starting with earnings, the biopharmaceutical company posted an earnings per share (EPS) loss of 4 cents. That’s much better than the -38 cents Wall Street had expected. It’s also an improvement from the company’s EPS loss of 5 cents in Q2 2021.
It’s worth noting that Verona Pharma is a clinical-stage biopharmaceutical company. That means it doesn’t have a product on the market yet, which also means it has no revenue to speak of.
Study Data Is Helping VRNA Stock
Another positive catalyst for the company are results from its Phase 3 ENHANCE-2 clinical trial. This trial evaluated “nebulized ensifentrine for the maintenance treatment of chronic obstructive pulmonary disease.”
According to Verona Pharma, top-line results from the trial met both the primary endpoint and secondary endpoints. This has the company awaiting results from its ENHANCE-1 Phase 3 trial, which should come in toward the end of 2022.
Verona Pharma says that, if the ENHANCE-1 results are positive, it intends to move forward with a New Drug Application (NDA). This would likely happen in the first half of 2023.
With the positive news today comes heavy trading of VRNA stock. More than 25 million shares have traded as of this writing. That’s a massive increase in trading volume compared to the daily average of around 91,000 shares.
VRNA stock is up 76% as of Tuesday morning.
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On the date of publication, William White did not hold (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.