- The BIVI stock jumped over 31 per cent in the pre-market hours on September 7, after closing at about 22 per cent up in the prior session.
- Its trading volume was about 5.30 million during writing.
- BioVie had a market cap of over US$98.45 million.
The BioVie Inc. (NASDAQ: BIVI) stock has drawn the attention of market participants in the pre-market hours on Wednesday, September 7, as witnessed by the notable jump in its price.
The BIVI stock price was up more than 31 per cent in the pre-market session on September 7, after closing at over 22 per cent up in the prior session.
Now many readers might be looking for the catalyst or probable reason that could have bumped up the stock prices higher on Wednesday. Let's explore that with Kalkine Media®.
Why is it gaining attention?
The investors seem to have lauded the company's joint announcement with Dr Sheldon Jordan about its topline results from an investigator-backed clinical trial of its product. BioVie announced topline Phase 2 clinical trial results for NE3107, which is used to treat Alzheimer's Disease (AD).
BioVie is a clinical-stage biotechnology firm focusing on developing therapeutics and medicines to treat advanced liver disease and other neurological diseases.
As per the announcement, most patients experienced notable improvement in the Global Rating of Change through its product's treatment.
The early analysis of the imaging data indicated an underlying biological development regarding blood flow while reducing oxidative stress, which is generally common with NE3107 features.
Through the trial, no drug-related adverse events were noticed, and the detailed report of the trial would be announced at CTAD 2022 Annual Conference, the company said.
Notably, Dr Sheldon Jordan was the trial's principal investigator to explore the product's potential in clinical practice.
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For the quarter that ended on March 31, 2022, the total operating expenses of the Carson City, Nevada-based company were US$ 5.74 million, against US$ 3 million in the year-ago period.
BioVie's net loss totalled US$ 7.04 million for the three months that ended on March 31, 2022, compared to a loss of US$ 2.99 million in the preceding year's same period.
The price of the BIVI stock was up 31.86 per cent to trade at US$ 4.47 at 8:26 am ET on September 7. In the prior session, it closed at US$ 3.44, noting a jump of 22.42 per cent from its close.
During writing, the trading volume of the biotechnology company's stock was more than 5.29 million. Its price rocketed over 137 per cent in the ongoing quarter.