Redhill Biopharma (NASDAQ:RDHL) stock is rocketing higher on Wednesday after the company received a patent for one of its oral antiviral treatments.
That patent covers the administration of opaganib. This is an antiviral treatment in development by the company to treat patients suffering from severe Covid-19. Tests have shown it to be effective against multiple strains of the coronavirus.
Redhill Biopharma is continuing the development of opaganib as clinical trial results have been positive. It’s currently waiting for approval to start a Phase 3 study of the treatment.
Redhill SVP Global Head of Intellectual Property Danielle Abramson, Ph.D., said the following about the news:
“This latest patent not only adds to the strong existing IP suite for opaganib but further provides for coverage for the patients most likely to benefit from its potential to treat people with COVID-19, pneumonia and who require supplemental oxygen.”
What This Means for RDHL Stock
It’s unsurprising to see shares of Redhill stock rising alongside today’s news. Covid-19 has continued to weigh on the mind of the public as we enter flu season. With the potential for increased transmission, the idea of a strong treatment against the virus is welcome to investors.
Today’s news has shares of RDHL stock seeing heavy trading. As of this writing, more than 61 million shares of the stock have changed hands. That’s a massive surge compared to the daily average trading volume of about 1.4 million shares.
RDHL stock is up 71.2% as of Wednesday morning.
There’s more hot stock market news traders will want to know about below!
We’ve got all of the latest stock stories investors need to know about on Wednesday! That includes what has shares of Plug Power (NASDAQ:PLUG), Generac (NYSE:GNRC) and airline stocks in the news today. You can read up on all of that news at the following links!
More Wednesday Stock Market News
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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.