NEW YORK, NY / ACCESSWIRE / October 9, 2018 / No news from Auris Medical Holding yet shares were skyrocketing on Monday. The company has been on a rocket since announcing in late August feedback from a Type C meeting with the FDA. Shares of Menlo Therapeutics were collapsing yesterday after the company reported disappointing results from its Phase 2 clinical trial of serlopitant for the treatment of refractory chronic cough.
RDI Initiates Coverage on:
Auris Medical Holding AG
Menlo Therapeutics Inc.
Auris Medical Holding AG shares were up 36.17% at the close on Monday on about 36.8 million shares traded. Average trading volume for the stock is just a little over 2.5 million shares. There was no major news from the company to explain the sudden gain and unusual activity in the stock's trading volume. It was in August that the clinical-stage company announced feedback from a Type C meeting with the U.S. Food and Drug Administration (FDA) related to the development plan and regulatory pathway for AM-111, its investigational treatment for sudden sensorineural hearing loss. Shares of the stock have soared over 120% since September 5th. The jump in share price yesterday could also be because multiple analysts have initiated bullish coverage on the stock. Both Alliance Global Partners and Eurobank EFG initiated coverage on Auris, both rating it a hold and both setting a price target at $2.50, a premium of 290% as compared to yesterday’s close. Last week, the company also filed a prospectus supplement for an offering of 18 million shares of common stock plus warrants. Auris Medical Holding is dedicated to developing therapeutics that address important unmet medical needs in neurotology and mental disorders supportive care.
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Menlo Therapeutics Inc. shares closed down nearly 40% yesterday on about 1.3 million shares traded. The stock hit a new low of $5.63 after the late-stage biopharmaceutical company announced top-line results from MTI-110 (TUSSIX), its Phase 2 clinical trial of serlopitant for the treatment of refractory chronic cough. Treatment with serlopitant failed to demonstrate benefit versus placebo on the primary and key secondary endpoints in the 185 patient study. Serlopitant is the only drug in Menlo’s pipeline. Steve Basta, CEO of Menlo Therapeutics said, "Based upon the results of this trial, we do not anticipate further development of serlopitant for the treatment of refractory chronic cough. We sincerely thank the patients and investigators who participated in this trial. We are continuing the clinical development of serlopitant for pruritus associated with various conditions given the two successful Phase 2 clinical trials in which serlopitant demonstrated a reduction in chronic pruritus and pruritus associated with prurigo nodularis.”
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