NEW YORK, NY / ACCESSWIRE / December 17, 2018 / Innovate Biopharmaceuticals and Tenet Healthcare Corporation both had high activity days on Friday despite any news from the companies. While shares of Innovate exploded, shares of Tenet Healthcare plummeted on high volume.
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Innovate Biopharmaceuticals, Inc.
Tenet Healthcare Corporation
Innovate Biopharmaceuticals, Inc. shares closed up 8.43% on Friday on colossal trading volume of nearly 2.1 million shares compared to an average trading volume of roughly 533,000 shares. There was no significant news from the clinical stage biotechnology company to explain the jump. The company however does have an investor update scheduled for today, regarding its capital plan for the celiac disease clinical program and NASH development strategy. Last week, the company had launched a collaboration with Jay Luther, MD, & Raymond T. Chung, MD at the Gastroenterology Unit at Massachusetts General Hospital. Drs. Luther and Chung, faculty members at Harvard Medical School, have published in the area of liver diseases and other gastrointestinal disorders. Christopher Prior, Ph.D., CEO of Innovate, stated, “We are pleased to be collaborating with Dr. Luther and Massachusetts General Hospital to research the effects of larazotide on liver diseases, as we believe larazotide can help patients by blocking a variety of intestinal toxins from entering the circulation and triggering debilitating inflammatory diseases.”
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Tenet Healthcare Corporation shares closed down 9.39% on Friday with a little over 1.8 million shares traded. There was no news from the diversified healthcare services company to explain shares dropping. It was earlier this month that Tenet announced that Ernest Franklin, M.D., has been appointed Chief Medical Operations Officer, effective January 7, 2019. Ron Rittenmeyer, Executive Chairman and CEO, said, “With more than two decades of experience in the healthcare industry, Dr. Franklin has a proven track record in clinical leadership, and we are so pleased to welcome him to Tenet. Our caregivers and staff will benefit from his tenure as a physician and operational leader, his expertise in integration and innovation, and his passion for continuous improvement.” The company also said this month that it has completed the sale of Golden State Medicare Health Plan to MacArthur Court Acquisition Corporation. Golden State has provided health care services through its HMO Medicare Advantage Plan to California residents since 2010.
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