TYME stock is making solid gains this morning after the biotechnology company Tyme Technologies Inc (NASDAQ:TYME) announced encouraging data from its phase 2 study of SM-88.
Solid News for Tyme Technologies
The company released encouraging data from the Phase 2 trial of its medicine SM-88, which is meant for treating pancreatic cancer, and when such an update is published, the stock generally moves. Trading volume is generally a good indication of how much interest a stock is generating at a particular time interval, and TYME stock’s volume went through the roof in early trade.
The data released by Tyme Technologies with regards to the Phase 2 trial of its product was definitely encouraging, as the trading volume of the stock soared to as much as 13.50 million in the first three hours of trading, which is 27 times the average daily volume of the stock.
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TYME stock is up 22% and now trading at $1.49, although off a session high of $1.78.
The usage of the SM-88 medicine put the survival of patients at the median level of around 6.4 months, and that is a significant improvement when compared to the 2 to 2.5 months range of survival that had been recorded in past trials.
Giuseppe Del Priore, the Chief Medical Officer at Tyme Technologies, spoke about the virtues of the product. He said, “We are increasingly encouraged that SM-88 has the potential to be a new treatment approach for late-stage pancreatic patients.”
This is a timely boost for TYME stock, which had found itself in the doldrums for the majority of the year. Despite the massive rally this morning, though, the stock is still in the red by as much as 57% since the beginning of the year.
However, the latest update is a genuinely positive one, and it remains to be seen how TYME stock performs next week.
Featured image: DepositPhotos © SergeyNivens
