GTx, Inc. (NASDAQ:GTXI)
Shares of GTx, Inc. (NASDAQ:GTXI) rallied by more than 90% after the company reported positive clinical trial results in an ongoing Phase 2 trial of enobosarm. The bullish run helped erase some of the losses accrued after the company posted a wider than expected first quarter net loss.
Positive Clinical Results
The drug is being tried in post-menopausal women who have demonstrated stress urinary incontinence (SUI) for more than six months. In the ongoing trial, patients are being given 3 mg of enobosarm with the biopharmaceutical company’s endpoint being the number of SUI episodes per day.
Latest clinical results show that each of the seven women under study showed a significant reduction in incontinence episodes per day. Mean stress leaks decreased by 80.9% with stress leaks dropping from a mean of 5.7 leaks a day to 1.1 leaks. GTx, Inc. (NASDAQ:GTXI) says that all patients showed a 65% reduction in the number of stress leaks.
“With approximately half the women in the United States experiencing symptoms of SUI, there is a growing need for an effective oral therapy to treat women with stress urinary incontinence. I am very encouraged by the consistency and strength of these early results, and I look forward to presenting more detailed clinical data from this ongoing clinical trial at the upcoming International Continence Society (ICS) meeting,” said Chairman of Urology Kenneth M. Peters.
Executive chairman, Robert J Wills, believes SUI represents a near-term commercial opportunity on the company moving to focus on a large population. Supporting this notion is the fact that there are limited treatment options in the market for the condition.
The positive enobosarm clinical trial results have helped renew focus on GTx, Inc. (NASDAQ:GTXI) stock. GTXI shares had been under pressure after posting a wider than expected first quarter net loss. The net loss of (-$6.3) million compared to last year’s net income of $2.3 million had fueled a selling spree pushing the stock close to its 52-week low of $2.73 a share.
GTx, Inc. (NASDAQ:GTXI) was up by 98.39% in Monday trading session, to end the day at $6.15 a share. The stock is currently trading at the high end of its $3.47-$6.24 a share trading range as observers wait to see if the enobosarm momentum can push the stock close to its 52-week highs of $11.19 a share.
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 Grey 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.