- The company reported positive results regarding the efficacy of HT-ALZ.
- The data was generated using an Alzheimer's disease mouse model.
- Hoth Therapeutics reported a net loss of US$3.29 million, or US$0.14 per share, for the quarter ended Sept 30, 2021.
Shares of Hoth Therapeutics, Inc. (NASDAQ: HOTH) jumped more than 102% on Tuesday after reporting the proof-of-concept data supporting the efficacy of its Alzheimer's drug HT-ALZ.
The data was generated using an Alzheimer's disease mouse model. The New York-based company develops therapies for atopic dermatitis, psoriasis, acne, etc.
The HT-ALZ therapeutic is being developed “under the 505 (b) (2) regulatory pathway” to treat dementia, the company said in a statement.
Hoth Therapeutics is conducting the study in collaboration with Washington University.
Alzheimer's is a neurodegenerative disease distinguished by the aggregates of amyloid β (Aβ) plaques and neurofibrillary tangles of Tau protein in the brain that causes dementia.
The research to assess the efficacy of orally administered HT-ALZ to reduce the Aβ concentration in the brain interstitial fluid was done by using an established Alzheimer's Disease mouse model (aged APP/PS1+/-mice). Meanwhile, the initial data from the study showed a remarkable decline in Aβ after extensive treatment with HT-ALZ.
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Stock performance, financials of Hoth Therapeutics, Inc. (NASDAQ: HOTH)
The stock traded at US$1.43 at 9:59 am ET on Jan 4, up 102.95% from its previous close. It has a market cap of US$34.26 million, with a forward one-year P/E ratio of -1.07. Its EPS is US$-0.56.
The stock’s highest price was US$3.50, and the lowest price was US$0.64 in the last 52 weeks. Its trading volume on Jan 3 was 302,553. The HOTH stock fell 13.82% in the past six months.
For the quarter ended Sept 30, 2021, it reported a net loss of US$3.29 million, or US$0.14 per share, against a loss of US$2.11 million, or US$0.16 per share in the same quarter of 2020.
Hoth chief scientific officer, Stefanie Johns, lauded the positive results stating that it is the "first step but a big one" in the development process of HT-ALZ. The healthcare sector has been in focus, in recent months, because of the COVID-19 pandemic.