Pain Therapeutics, Inc. (NASDAQ: PTIE) is rocketing toward the top early on in the trading session this morning, and fro good reason. The company announced that it has been awarded a grant surrounding its Alzheimer’s disease treatment that is under development. Of course, the news excited investors, sending the stock on a tear for the top. Today, we’ll talk about:
- The grant;
- what we’re seeing from PTIE as a result; and
- what we’ll be watching for ahead.
PTIE Announces Grant
As mentioned above, Pain Therapeutics is having an incredibly strong start to the trading session this morning as news breaks that the company has been awarded a grant. In a press release issued early this morning, the company announced that the National Institutes of Health (NIH) has awarded it a $3.2 million clinical research grant.
PTIE said that the grant was awarded to support a Phase II study of PTI-125. PTI-125 is a treatment currently under development for patients with Alzheimer’s disease. With the help fo the grant, the company said it plans on initiating the Phase 2 study in the fourth quarter of this year.
In a statement, Remi Barbier, President and CEO at PTIE, had the following to offer:
We are once again grateful to the NIH for its support of our clinical program around PTI-125… There is a profound need to develop new drugs for patients with Alzheimer’s. NIH has long been a champion of innovative new science that stands up to rigorous, peer-reviewed evaluation and that has potential to benefit human health in areas of unmet needs, such as Alzheimer’s.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. In the case of Pain Therapeutics, the news proved to be overwhelmingly positive. After all, the grant will help to ensure that the company can make it through Phase 2 trials of what seems to be a promising candidate. So, it comes as no surprise that excited investors are sending the stock on a run for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:22), PTIE is trading at $1.33 per share after a gain of $0.22 per share or 19.82% thus far today.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on PTIE. In particular, we’re interested in following the story surrounding the company’s continued work in the Alzheimer’s space. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!