Catabasis Pharmaceuticals Shares Increase On Positive Phase 1 Results
Warrior Trading | Jan 22, 2017 01:13AM ET
Catabasis Pharmaceuticals Inc (NASDAQ:CATB)
Catabasis Pharmaceuticals, Inc. (CATB), a clinical-stage biopharmaceutical company yesterday announced their Phase 1 data on Edasalonexent. Edasalonexent is an oral molecule that helps with the therapy of patients with Duchenne muscular dystrophy (DMD). The data showed that edasalonexent was safe, well tolerated and showed positive biomarker results in adult patients.
h3 Catabasis Pharmaceuticals, Inc. CEO’s Comments/h3“These Phase 1 safety, tolerability and positive NF-kB biomarker results support edasalonexent development in Duchenne muscular dystrophy and potentially other diseases. The Phase 1 results in adults informed on the dose and dose schedule for the current MoveDMD trial in 4-7 year-old boys affected by Duchenne, where similar Phase 1 results were seen,” said Joanne Donovan, M.D., Ph.D., Chief Medical Officer of Catabasis. “We look forward to the results from the edasalonexent Phase 2 clinical trial in boys affected by Duchenne, which are expected in the first half of Q1 2017.” Business Wire
CATB opened trading yesterday at $4.54 which was up from the previous day’s trading close of $4.15. Shares closed trading yesterday at $4.97 and spiked up after market to $5.16, equivalent to a 4% increase from the closing price. Taking a look at the daily chart we can see that the last time CATB traded above these levels we have to go back to October 10th, 2016 when it traded at $5.23. Taking a closer look at the daily chart we can see that before the spike up shares had already been in an overall upward trend dating back to December 29th, 2016 when it traded at $3.31.
CATB has a float of 8.58 million shares and traded 34.38 times the normal daily trading volume on Thursday. For trading purposes, I would like to see CATB open trading on Friday above $4.90 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.20 from my entry position fearing anything more than that and the stock would start to fill in the gap up. Check out these links for more information on chat room !
h3 Company Profile/h3Catabasis Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics to treat inflammatory and metabolic diseases. Its product pipeline includes CAT-1004, an oral small molecule that has completed Phase 1 clinical trials for the treatment of duchenne muscular dystrophy (DMD); CAT-2054, which is in Phase I clinical trial for the treatment of hypercholesterolemia in patients for whom existing treatments are insufficient; and CAT-2003 that has completed Phase IIa trials for the treatment of patients with elevated triglycerides or hypertriglyceridemia.
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It is also developing CAT-4001 that is in preclinical stage for the treatment for severe, rare neurodegenerative diseases, such as Friedreich’s ataxia and amyotrophic lateral sclerosis. The company has collaboration agreements with dystrophy association for the development of CAT-1004, a treatment for DMD; and Sarepta Therapeutics, Inc. to explore a combination drug treatment approach for DMD. Catabasis Pharmaceuticals, Inc. was founded in 2008 and is based in Cambridge, Massachusetts.
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