OPKO Health Inc. (NASDAQ: OPK) is having an incredibly strong start to the trading session this morning, and for good reason. The company announced positive results from a phase 2 clinical trial, exciting investors who are pushing the stock for the top. Today, we’ll talk about:
- The clinical data;
- what we’re seeing from OPK stock as a result; and
- what we’ll be watching for ahead.
OPK Announces Clinical Data
As mentioned above, OPKO Health is having an incredibly strong day in the market today after announcing positive topline results from a clinical trail. The results were provided through a press release early this morning.
The results surrounded a Phase 2 dose escalation trial of OPK88003. OPK88003 was developed by the company as a potential treatment for type 2 diabetes and obesity.
OPK said that based on a previous Phase 2 trail, an optimized dosing regimen for the treatment was evaluated to improve glucose control and increase weight loss. The results of the trial show that the treatment has met its primary endpoint of a statistically significant reduction of hemoglobin A1c after 30 weeks of treatment versus placebo.
An important secondary endpoint was met as well. This endpoint was the demonstration of statistically significant weight loss when compared to placebo.
Finally, the company said that there were no serious safety or tolerability issues seen during the trial. In a statement, Dr. Phillip Frost, Chairman and CEO at OPK, had the following to offer:
We are pleased with the results of this trial, which show that OPK88003 has the potential to compete favorably with other drugs on the market or under development to treat type 2 diabetes, obesity and related conditions. We will now carefully evaluate strategic options for the design of Phase 3 trials and later, if successful, commercialization.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. When it comes to OPKO Health, the news proved to be overwhelmingly positive.
After all, the strong Phase 2 data means that the company will likely progress to late-stage trials soon. If the data proves to be as positive as the data released today in the next trial, the company may be submitting a New Drug Application relatively soon, bringing OPK88003 to commercialization.
Considering this, it’s not surprising to see that excited investors are pushing the stock on a run for the top. As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (8:54), OPK is trading at $2.64 per share after a gain of $0.18 per share or 7.31% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on OPK. In particualr, we’re interested in following the story surrounding the company’s continued work to bring OPK88003 to market as the treatment seems to be yielding incredibly positive results. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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