ACHN stock has been on a roll for two days straight after Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) announced positive updates from the Phase 1 study of its product ACH-5228, an experimental oral factor D inhibitor.
ACHN Stock Goes Wild
The announcement was made on Monday, and soon after, the stock climbed by as much as 16.50% to close the session at $2.77. However, the climb yesterday was not a one-off, and the stock regained its momentum on Tuesday morning, as it soared another 33% once the markets opened today.
That being said, some may wonder why the stock is climbing to such a degree after positive updates from the Phase 1 clinical study. In this regard, it needs to be mentioned that the results were overtly positive and perhaps it has convinced people that there could be a possibility of the product getting fast-tracked by the United States Food and Drug Administration.
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In total, 43 patients participated in this particular phase of the trial, and the patients were given doses between 40 mg and 120 mg over the course of two weeks. All doses were administered orally, and there was also a 240 mg single dosage of the product that was given to all patients.
At the time of writing, ACHN stock is up by 33% at $3.70.
The results were highly positive for Achillion Pharmaceuticals, and it proved that the product ACH-5228 has enormous potential as a medicine that could be used to treat immunity-related diseases. There is a school of thought among some market experts that if the medicine is eventually approved, then it could go on to become the market-leading immune inhibitor.
It goes without saying that the medicine created a lot of excitement among investors, and that led to the significant rise in ACHN stock. The clinical study was not conducted inside the United States, and the company is hoping to apply for approval in the country at some point in the last three months of the year. Once that is done, the FDA will conduct its own set of clinical trials.
Are you optimistic about ACHN stock following a 55% climb this week?
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