ZIOPHARM Oncology Inc. (NASDAQ: ZIOP)
ZIOPHARM Oncology wasn't off to the best of days in the market today. In fact, when the opening bell rang, the stock went on a mad dash toward the bottom. After a slight correction bringing it back to the breakeven point, we saw another slight dip. And then minutes ago, 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 ZIOP ahead.
What We're Seeing From ZIOP
As mentioned above, ZIOPHARM Oncology didn't look like it was going to have a great day in the market early on. When the trading session started, the stock started falling. From there, most of the day has been spent in the red. While we've seen some ups and some downs, the stock just hasn't been able to break into the green. That is, until minutes ago, when the stock started to spike. At the moment (10:48), ZIOP is trading at $6.01 per share after a gain of $0.18 per share (3.09%) thus far today.
Why The Stock Is Climbing
As is almost always the case, our friends at Trade Ideas were the first to inform us of the upward movement on ZIOP. As soon as they did, the CNA Finance team started digging to see exactly what was causing the movement. In this case, it didn't take long to dig up the story. It seems as though the gains are being caused by an announcement made at the JPM 2017 conference.
According to Adam Feuerstein, the company released a “Groundbreaking regulatory update.” The update is that the FDA has granted the company an end of Phase 2 meeting for II-12 gene therapy. According to this break, it seems as though ZIOPHARM Oncology may be able to jump from Phase 1 directly to Phase 3. Of course, investors are excited about the prospect.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on ZIOP. In particular, we'll be watching to see if the company is indeed able to jump from Phase 1 to Phase 3. Of course, if this proves to be the case, the work toward regulatory approval will move much quicker. We'll be watching the news and bringing it to you as it breaks.
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