Positive results from clinical trials often work as a positive trigger for pharmaceutical or biotech stocks, and that is what happened with VTVT stock this morning. The micro-cap stock soared on high trading volumes today after vTv Therapeutics Inc (NASDAQ:VTVT) announced positive data from the second part of the Phase 2 clinical trial of its product TTP399.
The medicine in question is meant as adjunctive therapy along with insulin for treating type 1 diabetes in adults.
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The data revealed that patients who were administered a dose of TTP339 once every day showed significant improvement in their condition. This is a massive boost for the company. The bolus insulin in patients was lowered by as much as 11% from the baseline at the time of meals.
These findings show that the medicine is promising, and the latest rally in VTVT stock is completely understandable. Investors could keep track of the stock over the coming days and stay abreast of the latest developments with regards to TTP339.
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After the announcement of the data, VTVT stock rallied considerably in today’s trading session and soared by as much as 54% to $3.23 as investors piled on to the stock.
The Chief Executive Officer and President of vTv Therapeutics, Steve Holcombe, spoke about the next course of action for the company: “We intend to engage with the FDA as soon as possible to plan an efficient development pathway for TTP399 and hope to initiate a registration trial this year.”
He also stated that the 0.3% reduction in the HbA1C in patients who had been administered with the medicine is in line with the guidelines laid down by the FDA. It remains to be seen how the company moves forward with the product in the coming weeks.
VTVT stock made a new 52-week high of $4.23 earlier in the session.
Featured image: DepositPhotos © nikesidoroff
