Akari Therapeutics PLC (ADR) (NASDAQ:AKTX)
Shares of Akari Therapeutics PLC (ADR)(NASDAQ:AKTX) skyrocketed over 22%, after the biopharmaceutical company announced further clinical progress in its ongoing Phase 2 Clinical trial of Coversin. The company is investigating the drug candidate for the treatment of Paroxysmal Nocturnal Hemoglobinuria (PNH).
Three additional patients have been enrolled in the program, bringing the total to eight, in the open-label single-arm clinical trial. The new patients were enrolled pursuant to an amended protocol based on a revised dosing regimen. Only one patient has withdrawn from the COBALT trial so far.
The primary endpoint in the trial is the reduction of serum to less than or equal to 1.8 times the upper limit of normal for investigators reference laboratory. Akari Therapeutics PLC (ADR) (NASDAQ:AKTX) will provide an update in all PNH patients enrolled at the America Society of Hematology Annual Meeting next month.
AKTX Stock Rating
Akari Therapeutics PLC (ADR) (NASDAQ:AKTX) is currently rated as a ‘sell’ by one investment firm according to data compiled by Zack Investment Research. The sell rating does not come as a surprise, and the stock has underperformed the overall industry this year.
Akari Therapeutics PLC (ADR) (NASDAQ:AKTX) has shed more than 50% in market value since May after rising to $20 a share. However, the stock is flat for 2017 as it continues to trade at levels last seen in January. The stock received a boost earlier after the biopharmaceutical company said it will move forward with the Phase 3 development of Coversin on the treatment of Paroxysmal Nocturnal Hemoglobinuria.
“Following our recent FDA meeting, we are working to initiate a Phase III clinical trial of Coversin in PNH in Q1 2018,” said Dr. David Horn Solomon, Chief Executive Officer of Akari Therapeutics. “We will continue to work closely with the FDA, benefitting from our Fast Track status in the U.S., and with the EMA towards submission of a BLA and MAA, respectively, for Coversin in PNH.
PNH is a rare life-threatening disease of the blood characterized by destruction of red blood cells, blood clots, and impaired bone marrow function. The condition affects 1 to 1.5 person per million.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.