Fresh Tracks Therapeutics (NASDAQ:FRTX) stock is heading higher on Wednesday after announcing positive results from a Phase 1 clinical trial.
That clinical trial covers the use of FRTX-02 to restore immunity balance. The Phase 1 study saw both a single ascending dose and multiple ascending doses used in healthy subjects. This has the company testing the safety of the drug.
The good news is FRTX-02 performed well in safety categories, which opens the company up to the second part of its Phase 1 trial. This will have it tested the drug on patients suffering from moderate to severe atopic dermatitis.
Andy Sklawer, president and CEO of Fresh Tracks Therapeutics, said the following about the results.
“This clinical trial marks the first time an oral DYRK1A inhibitor intended for patients with autoimmune diseases has entered the clinic, and these topline SAD and MAD data reinforce our enthusiasm for the continued development of FRTX-02 as a potential first-in-class therapy.”
FRTX Considers Strategic Options
At the same time, the company announced the Phase 1 results, it also revealed plans to evaluate strategic options. Sklawer says this is due to the company’s current capital situation. He also notes that Fresh Tracks Therapeutics still wants to move forward with the development of FRTX-02.
With today’s news comes heavy trading of FRTX stock. Some 8 million shares are on the move as of this writing, which is a major leap over its daily average trading volume of about 94,000 shares.
FRTX stock is up 92.1% in pre-market trading on Wednesday!
There’s even more stock market news traders will want to know about below!
We’ve got all the hottest stock coverage investors need to read about on Wednesday! That includes why shares of Veon (NASDAQ:VEON) stock are up, the biggest pre-market stock movers this morning, and more. All that news is ready to go at the following links!
More Wednesday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed