Why did Palisade Bio (PALI) stock soar today?

November 23, 2022 03:20 AM AEDT | By Mridul Gogoi

Why did Palisade Bio (PALI) stock soar today? — Image source: © Nito100 | Megapixl.com

Why did the PALI stock rise today?

Palisade Bio announced that it received the FDA Fast Track for its LB1148, following which the stock started to surge on Tuesday\. It is a key regulatory milestone for the company, which might have sent its share price soaring. FDA Fast Track is a process meant to facilitate the development and hasten the review process of drugs to treat serious ailments and cover unmet medical situations.

The US$ 84.73 million market cap company develops oral therapies to help patients with acute and chronic gastrointestinal problems caused by post-operative digestive enzyme damage.

The company recently reported its third-quarter fiscal 2022 results on November 14, posting a net loss of US$ 4 million compared to US$ 8.1 million in the year-ago quarter.

Palisade Bio PALI net loss

Kalkine Media® / Source: ©Kalkine Media®; © Canva via Canva.com

The company upped its ante in the reported quarter, raising its R&D expenses to US$ 1.9 million. It was due to its LB1148 Phase 2 clinical study for which it received the FDA Fast Track.

The general and administrative expenses of the company shrank from US$ 2.4 million in the reported quarter to US$ 2.1 million.

Bottom line:

The PALI stock was trading at US$ 4.8151 at 10:38 AM ET on November 22 and its share volume was 26,899,874. The PALI stock closed at US$ 2.21 on Monday, November 21, 2022.

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