Why Is ESSA Pharma (EPIX) Stock Up 156% Today?
ESSA Pharma (NASDAQ:EPIX) stock is flying higher on Wednesday following the release of data from a Phase 1/2 study of EPI-7386.
EPI-7386 is a drug in development for the treatment of metastatic castration-resistant prostate cancer. That latest study saw the drug used in combination with enzalutamide. The results showed it was safe while enzalutamide exposure saw minimal impact.
ESSA Pharma intends to provide a more in-depth look at the clinical trial results during an upcoming presentation. That will take place at the 2022 Prostate Cancer Foundation Scientific Retreat, which starts tomorrow and lasts through Saturday.
ESSA Pharma Will Move Forward With More Studies
David Parkinson, M.D., president and CEO of ESSA Pharma, said as much in a statement.
“The therapies continue to be safe and well-tolerated, and pharmacokinetic results demonstrate enzalutamide exposure was minimally impacted by EPI-7386 as expected. We are currently enrolling a third dose escalation cohort as we optimize the therapeutic dose of EPI-7386 in the combination study in preparation for Phase 2.”
Today’s news has shares of EPIX stock seeing incredibly heavy trading. As of this writing, more than 66 million shares of the stock have been traded. That’s a massive surge compared to the company’s daily average trading volume of roughly 171,000 shares.
EPIX stock is up 156% as of Wednesday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.