Soleno Therapeutics (NASDAQ:SLNO) stock is rocketing higher on Tuesday after the biopharmaceutical company announced positive clinical trial data.
The big news here is the company seeing statistically significant results from its long-term treatment study of DCCR. These are extended-release tablets designed to treat Prader-Willi syndrome (PWS).
Soleno notes that hyperphagia-related behaviors became “markedly worsened” in the placebo control group compared to those on DCCR. To go along with that, secondary endpoints of CGI-S and CGI-I were also worse in the placebo group. This comes as DCCR was well tolerated and didn’t display any new safety concerns.
Anish Bhatnagar, CEO of Soleno Therapeutics, said this about the news:
“We are delighted with the highly statistically significant results from the randomized withdrawal phase of Study C602 […] These results will support our planned submission of a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) mid-year of next year.”
How This Affects SLNO Stock
SLNO stock is seeing heavy trading alongside the clinical trial update. That has more than 20 million shares changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is about 63,000 shares.
SLNO stock is up 420.5% as of Tuesday morning.
Investors looking for more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market stories traders need to know about on Tuesday! A few examples of that include why stocks are down today, as well as what’s going on with shares of Tesla (NASDAQ:TSLA) and Safe & Green (NASDAQ:SGBX) stock. You can catch up on this news at the links below!
More Stock Market News for Tuesday
- Why Are Stocks Down Today?
- TSLA Stock Alert: What to Know as Tesla Faces EU Anti-Subsidy Probe
- Why Is Safe & Green (SGBX) Stock Down 6% Today?
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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.
