Aquinox Pharmaceuticals Surges 400% On Reversal Of Results In Drug Trial
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Aquinox Pharmaceuticals Inc (NASDAQ: AQXP) shares were trading higher by $8 (444 percent) at $9.79 in Friday's session. The catalyst for the explosive rally is the report of positive results from secondary endpoints from Phase 2 Leadership trial with AQX-1125 in patients with bladder pain syndrome/interstitial cystitis (BPS/IC).
The announcement is overshadowing the company's Q2 report in which it reported a Q2 loss of $0.44 per share vs. an estimated loss of $0.29 per share.
There was a modest rally in the issue in the after-hours and pre-market sessions as it rallied from Wednesday's close of $1.79 to the $2.50 level just before the opening bell. It immediately bottomed at $2.43 and the ultra-aggressive buying began.
In basically a straight-up pattern, the issue rallied all the way to $11.68 before falling back to the $10 level. That level is just shy of the multiple highs made in the issue at the $12 level in mid-March.
Interestingly, the issue cascaded from $6.56 to $2.13 back on July 9, when the company announced the secondary endpoint related to AQX-1125 in chronic obstructive pulmonary disease patients with frequent exacerbations failed to demonstrate efficacy in COPD.
Today's price action is taking place on much higher than average volume. So far, over 50 million shares have changed hands compared to its 20-day average of 2.46 million shares.
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