Adial Pharmaceuticals (NASDAQ:ADIL) stock is rocketing higher on Tuesday after the clinical-stage biopharmaceutical company announced an update on its AD04 study.
Adial Pharmaceuticals notes that AD04 is progressing to a second cohort in its pharmacokinetics study. This comes after the success of its first cohort as a treatment for Alcohol Use Disorder (AUD).
Adial Pharmaceuticals notes that this study started last month and is expected to reach completion during the fourth quarter of this year. The data from it will provide valuable insight into AD04’s pharmacokinetic properties.
Adial Pharmaceuticals President and CEO Cary Claiborne said the following about the AD04 progress:
“The results from both cohorts will offer invaluable insights that are critical for the design of our upcoming Phase 3 Clinical Trial. We anticipate engaging with the FDA following receipt of the topline data from this study and seek their feedback on the overall design of our Phase 3 program.”
How This Affects ADIL Stock
News of the progression to a second cohort brings with it heavy trading of ADIL shares. This has more than 145 million units changing hands as of this writing. That’s a massive surge compared to its daily average trading volume of about 154,000 shares.
ADIL stock is up 61.3% as of Tuesday morning.
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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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
