OHR Pharmaceutical Up 30%, Partly Recoups 2-Day Losing Streak
OHR Pharmaceutical (NASDAQ: OHRP) has gained over 30 percent Thursday, partly recouping a two-day drop touched off by mixed interim results from an FDA Phase II trial.
But analyst R. Silver of Vista Partners emphasized the good news in a bullish research note Thursday, saying the OHR product at issue may produce "a monumental shift" in how patients are treated for adult macular degeneration, a common cause of blindness in the elderly.
Interim results of the trial released Tuesday concerning the company's experimental eye drops had no effect, compared with a placebo in lowering the number of drug injections required for the treatment of adult macular degeneration.
Although the product, Squalamin, shows little promise so far in meeting the study's so-called primary end point, which would justify FDA approval, patients did obtain significant gains in visual acuity from the eye drops.
"The positive visual acuity results provide a possible trajectory for a Phase 3 trial design." Silvers said.
OHR is up 32 percent, trading at $9.65 per share.
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