NEW YORK, NY / ACCESSWIRE / November 10, 2017 / Shares of Marinus Pharmaceuticals closed up 14% higher on Thursday after SAGE Therapeutics revealed positive clinical trial data for a postpartum depression candidate. Traders are hopeful that a similar candidate of the company will do well as well. Shares of Otonomy was a huge winner yesterday closing over 80% after it released positive data from an ongoing trial called AVERTS-2 trial.
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Marinus Pharmaceuticals, Inc.
Marinus Pharmaceuticals, Inc. shares closed up 14.14% on Thursday with nearly 5.3 million shares traded. The stock was just 13 cents shy of hitting its 52-week high yesterday as it was boosted by positive clinical data that was announced by SAGE Therapeutics. The Pennsylvania-based company reported its third-quarter earnings not too long ago where it posted a loss of $4.2 million in its third quarter. CEO Christopher M. Cashman commented, "We achieved an important milestone this quarter as we announced successful results from our clinical study in children with CDKL5 deficiency disorder, a rare, genetic epilepsy with no approved therapies. On the heels of this data, we raised capital to advance the development of ganaxolone into CDKL5 patients and extend our cash runway. With a strong balance sheet in place, we are focused on quality execution of our clinical studies in postpartum depression, which will inform our later stage clinical development plans for this important underserved patient population." Shares of the stock are more than 650% YTD.
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Otonomy, Inc. shares closed up about 83% yesterday on nearly 28 million shares traded. Volume was significant compared to the average trading volume of the stock which is just under 2 million shares. The big share explosion came after the drug maker released encouraging late-stage data from an ongoing trial called AVERTS-2 trial. The trial met its primary endpoint and OTIVIDEX, which is a sustained-exposure formulation of the steroid dexamethasone. In the Phase 3 clinical trial, OTIVIDEX in patients with Ménière's disease achieved its primary endpoint of the number of vertigo days compared to placebo. Traders were encouraged to learn that OTIVIDEX showed clinically significant treatment for patients who have the disease. The company is planning on reviewing the results with the FDA and will update on the discussions in the first quarter of 2018.
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