First Wave BioPharma (NASDAQ:FWBI) stock is heading higher on Thursday after the clinical-stage biopharmaceutical company completed its business combination with ImmunogenX.
First Wave BioPharma used an all-stock transaction to acquire ImmunogenX. Of major interest of the company is latiglutenase. This is an oral biotherapeutic for celiac disease.
First Wave BioPharma is excited about the potential of latiglutenase as it could be a first-in-class treatment. The company also notes that the drug is already close to being ready for a Phase 3 clinical trial.
According to First Wave BioPharma, the goal is to license latiglutenase to a global pharmaceutical company for use in the U.S. and Canada. This will have that company handling the commercialization of the celiac disease treatment.
What’s Next for FWBI Stock?
First Wave BioPharma CEO James Sapirstein said the following in the news release:
“Given this enormous potential, we are working with Dr. Syage and his team to advance the regulatory, manufacturing, and clinical processes that would enable the initiation of the pivotal Phase 3 clinical trials of latiglutenase in 2025.”
Heavy trading follows today’s acquisition news. This has more than 700,000 shares changing hands as of this writing. That closing in fast on the company’s daily average trading volume of about 784,000 shares.
FWBI stock is up 3.7% as of Thursday morning.
Investors looking for more of the most recent stock market stories are in the right place!
We have all of the hottest stock market news ready to go on Thursday! Among that is what’s moving Presto Automation (NASDAQ:PRST) stock this morning, the biggest pre-market stock movers today and more. All of that news is ready to go at the links below!
More Stock Market News for Tuesday
- Why Is Presto Automation (PRST) Stock Up 77% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
- X Stock Alert: Why Joe Biden Is Sending U.S. Steel Plummeting Today
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
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.
