Conduit Pharmaceuticals (NASDAQ:CDT) stock is rocketing higher on Thursday after the clinical-stage specialty biopharmaceutical company announced an exclusive license agreement with AstraZeneca (NASDAQ:AZN).
This has led to Conduit Pharmaceuticals obtaining exclusive rights for three product candidates in development at AstraZeneca. These include HK-4 glucokinase activators AZD1656 and AZD5658, as well as the myeloperoxidase inhibitor AZD5904.
Development progress includes AZD1656 and AZD5904 completing Phase 1 clinical trials. Conduit Pharmaceuticals also notes that it intends to launch Phase 2 clinical trials for AZD1656 and AZD5658 this year to test their effectiveness as autoimmune disorder treatments.
Conduit Pharmaceuticals CEO Dr. David Tapolczay said the following about the deal:
“The potential of these assets to become important first-in-class medicines for patients is promising. Given the data from AstraZeneca’s clinical trials, we believe there is a strong rationale to initiate Phase II studies in multiple indications to progress to commercialization of these assets.”
CDT Stock Jumps on AZN Agreement
News of this license agreement brings with it heavy trading of CDT stock. As of this writing, more than 39 million shares of AZN are circulating, well above its daily average trading volume of about 3 million shares.
CDT stock is up 123.2% as of Thursday morning.
Investors will want to stick around for even more of the most recent stock market news today.
We have all of the hottest market happenings worth reading about on Thursday. That includes the biggest pre-market stock movers this morning and more. All of that info is ready to go at the links below!
More Thursday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
- FTNT Stock Alert: Why Investors Are Piling Into Fortinet Today
- Why Is LYFT Stock Down Despite Surprise Q2 Profits?
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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
