RXi Pharmaceuticals Corp (NASDAQ: RXII)
RXII stock is having a great day in the market today. After announcing that it has received Orphan Drug Designation of Samcyprone; a treatment of Malignant Melanoma Stage IIb to IV. Today, we’ll take a look at the Orphan Drug Designation, how RXi Pharmaceuticals reacted in the market, and what we can expect from the stock moving forward.
RXII Samcyprone Granted Orphan Drug Designation
A large percentage of patients suffering from stage IIb to IV malignant melanoma develop what are known as cutaneous metastases. RXi Pharmaceuticals’ Samcyprone is in the developmental process for the treatment of these metastases. The new Orphan Drug Status gives RXi Pharmaceuticals the exclusive right to research a cure for the ailment.
How RXi Pharmaceuticals’ Stock Reacted
As we’ve come to expect in the small-cap biotech world, any time positive news comes out, we tend to see growth in the stock. In this particular case, that’s exactly what we saw. RXII skyrocketed in morning trading. However, following the incredible growth, we saw a normal correction. Now, RXII seems to be back on a stead pace of growth. Currently (12:23), RXII is trading at $0.73 per share after a gain of 4.14% so far today.
What To Expect Moving Forward
Moving forward, I’m expecting to see big things. In previous studies, Samcyprone has been proven to be an effective treatment for cutaneous metastases caused by various stages of malignant melanoma. The perceived effectiveness of the “still in development” treatment along with the new Orphan Drug Designation tell me that we’re most likely going to see long term growth from RXII stock.
What Do You Think?
Do you think RXII will see long term growth? Why or why not? Let us know in the comments below!