Shares of Arena Pharmaceuticals Inc. (NASDAQ:$ARNA), a company that works on developing and commercializing a number of biopharmaceutical products, went up by 35% late in the day of July 10, 2017. The rise can largely be attributed to the positive results the company announced from its phase 2 study of a newly developed drug called ralinepag. The drug was developed to treat pulmonary arterial hypertension, a disease that causes high blood pressure in the lungs.
The study, which included 61 patients, showed a 29.8% greater improvement compared to patients in a placebo group as well as a 20.1% greater improvement compared to the baseline, Arena reported. Immediately following the news, Arena’s stock reached $25 in after-hours trading. The company’s shares haven’t hit $25 since 2015.
The biopharmaceutical company planned to discuss the results of the drug study in further detail on July 10 at 4:30 P.M. Eastern time.
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