60 Degrees Pharmaceuticals (NASDAQ:SXTP) stock is gaining on Monday after the specialty pharmaceutical company announced an agreement with the University of Kentucky.
This agreement will have the University of Kentucky conducting a Phase IIb clinical trial of SJ733. This is a drug candidate in development by 60 Degrees Pharmaceuticals for the treatment of vivax malaria.
This study will cover the use of SJ733 alongside tafenoquine to treat vivax malaria. The information from this study will also be applied to 60 Degrees Pharmaceuticals New Drug Application (NDA) for the drug.
Dr. R. Kip Guy, the principal investigator of the study, said the following about it:
“Innovations in treating P. vivax malaria, which infects an estimated 14 million people a year, have been limited in recent decades. The upcoming study of SJ733 combined with tafenoquine has the potential to pave the way for very meaningful improvement in malaria treatment around the world.”
What This Means for SXTP Stock
This new clinical trial news has SXTP stock heading higher on Monday with heavy trading of the shares. That has more than 11.9 million shares changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is about 448,000 shares.
SXTP stock is up 28.9% as of Monday afternoon.
There are even more stock market stories traders are going to want to read about below!
We have all of the hottest stock market news ready to go on Monday! A few examples include what’s going on with shares of Draganfly (NASDAQ:DPRO), KeyBank (NYSE:KEY) and Archer Aviation (NYSE:ACHR) stock today. All of this news is available at the following links!
More Monday Stock Market News
- Why Is Draganfly (DPRO) Stock Up 37% Today?
- KEY Stock Surge Alert: What’s Going On With KeyCorp Shares Today?
- ACHR Stock: 3 Things for Investors to Know About the $370 Million Stellantis Deal
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.
