Akari Therapeutics PLC (ADR) (NASDAQ:AKTX) Skyrockets 22%

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).

Patient Enrollment

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 Only one patient has withdrawn from the COBALT trial so far.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)

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.

Don’t miss out! Stay informed on $AKTX Symbol and receive breaking news on other hot stocks by signing up for our free newsletter!

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.

Akari Therapeutics PLC (ADR) (NASDAQ:AKTX) Explodes On FDA Validation

Akari Therapeutics PLC (ADR) (NASDAQ:AKTX)

Shares of Akari Therapeutics PLC (ADR) (NASDAQ:AKTX) jumped 56.4% after the biopharmaceutical company said it will advance its lead investigational drug Coversin on advice from the U.S. Food and Drug and Administration (FDA). The company plans to commence Phase 3 studies of the novel treatment for Paroxysmal Nocturnal Hemoglobinuria in the first quarter of 2018.

AKTX Stock Performance

Positive feedback from the FDA is one of the reasons the stock spiked higher as it shows the agency remains confident about the drug’s prospects. Thursday’s rally saw the stock close above a key support level, providing support to a bullish momentum that began last month.

Akari Therapeutics PLC (ADR) (NASDAQ:AKTX) has traded in a downtrend since reaching highs of $22 a share in April. However, AKTX shares appear to be picking up after plunging to multi-year lows of $3 a share.

Akari Therapeutics PLC (ADR) (NASDAQ:AKTX)
One month AKTX stock price chart

Coversin Prospects

Coversin has already attained Fast Track status in the U.S. – a designation that allows it to enjoy expedited regulatory review. PNH, for which the candidate drug is indicated, is a rare, life-threatening disease of the blood characterized by the destruction of red blood cells and blood clots. The condition affects 1 to 1.5 persons per million people – mostly young adults.

Phase 3 studies of Coversin will target naïve PNH patients that have not used eculizumab as a standard care. Primary endpoints will be based on hemoglobin and transfusion data

“Akari continues to build momentum in its complement focused therapy by advancing Coversin towards Phase III in PNH and Phase II in has. With Coversin delivered subcutaneously, patients may have greater independence due to self-administration,” said Dr. David Horn Solomon, Chief Executive Officer of Akari Therapeutics PLC (ADR) (NASDAQ:AKTX).

Class Action Lawsuit

Separately, Akari Therapeutics PLC (ADR) (NASDAQ:AKTX) is still the subject a class action lawsuit over claims it provided misleading statements between March 30, 2017 and May 11, 2017. According to law firm Khang & Khang LLP, former Chief Executive Officer, Dr. Gur Roshwalb, and other executives published incorrect information about the Phase 2 trial of Coversin. The law firm alleges that the company’s action resulted in the stock price losing a significant amount of value which harmed investors.

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.

Don’t miss out! Stay informed on $AKTX and receive breaking news on other hot stocks by signing up for our free newsletter!

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.