XBiotech Inc (NASDAQ: XBIT)
XBiotech was off to a relatively normal day in the market today. When the trading session opened, the stock was trading slightly in the green. From there, it fell to the red, made it back to the green, and traded relatively flat throughout the morning. Nonetheless, minutes ago, things changed as the stock started to soar. Below, we'll talk about what we're seeing, why, and what we'll be watching for with regard to XBIT ahead.
What We're Seeing From XBIT
As mentioned above, today didn't look like it was going to be a massively great day for XBiotech early on. At the opening bell, the stock was trading slightly in the green. From there, it quickly fell to the red before recovering. After making it back to the green, the stock was relatively flat throughout the day. At the moment (11:20), XBIT is trading at $13.11 per share after a gain of $0.91 per share or 7.46% thus far today.
Why The Stock Is Climbing
As is almost always the case, our partners at Trade Ideas were the first to inform us of the gains on XBIT. As soon as we received the alert, the CNA Finance team started digging to see what was causing the movement. It didn't take long to uncover the story. The gains are the result of clinical data that was released just minutes ago.
For some time now, XBiotech has been working on its Phase 2 Study of MABp1 for the treatment of Hidradenitis Suppurativa (HS). Minutes ago, the company announced that the study met the primary endpoint. As a result, excited investors are sending the stock toward the top.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on XBIT. In particular, we'll be watching the news surrounding MABp1 and looking forward to the next steps the company will take to move this closer to FDA approval. Nonetheless, we'll be watching the news closely and bringing the updates to you as they break!
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