Dividend Stocks

Why Is eFFECTOR Therapeutics (EFTR) Stock Up 75% Today?

EFFECTOR Therapeutics (NASDAQ:EFTR) stock is taking off on Friday after the company reported positive data from a Phase 2 clinical trial.

This includes interim data from its expansion cohort evaluating zotatifin combined with fulvestrant and abemaciclib. This seeks to use this drug combination to treat patients suffering from ER+ metastatic breast cancer (mBC).

EFFECTOR Therapeutics notes that of the 19 patients in the study, five have seen a partial response. That includes four confirmed and one unconfirmed. This positive data is exciting investors as it means there’s potential for EFTR’s treatment to get further trials.

Doug Warner, M.D., chief medical officer of eFFECTOR Therapeutics, said the following about the clinical trial results.

“I am excited about the early efficacy and safety results of the novel therapeutic candidate zotatifin and look forward to continuing its development in patients with advanced ER+ breast cancer who are currently medically underserved.”

What This Means For EFTR Stock

Today’s news markets another step forward for eFFECTOR Therapeutics and its development of zotatifin. If it can keep this up, there’s potential for a commercial release of the mBC treatment. That would bring with it a new source of revenue for the company.

The idea of this has EFTR stock climbing higher with heavy trading today. As of this writing, more than 4.7 million shares of the stock have changed hands. That’s well above its daily average trading volume of about 255,000 shares.

EFTR stock is up 74.8% as of Friday morning.

There’s more stock market news traders can read about below!

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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.

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