Ten-Bagger Chase Goes After Prana (PRAN)
Prana Biotechnology Ltd. (NASDAQ: PRAN) is up over 100% today on some published data. The share trading activity is indicative of traders and investors looking for the next biotech ten-bagger, or that search for a 1,000% Gainer.
The report causing the run-up is new published analysis of its clinical trial excerpt taken from the Journal of Alzheimer’s Disease.
The publication published an article about Prana’s lead drug candidate dubbed PBT2 for Alzheimer’s Disease. New analysis shows that PBT2 is effective in reversing dementia symptoms. To date, all market-approved Alzheimer’s and dementia drugs are aimed to slow the progression of the disease.
The results of the Phase IIa clinical trial, which were previously reported in The Lancet Neurology in July 2008, showed that patients with mild Alzheimer’s Disease treated with 250mg of PBT2 experienced an overall statistically significant improvement in executive function on a neuropsychological test battery within 12 weeks of treatment.
The new analysis has adjusted for the prior data and showed that 81% of patients on the 250mg dose of PBT2 responded better on the executive factor NTB score than the best performing patient on placebo. The data also noted that some 41% of patients on the 250mg dose of PBT2 responded better on the overall composite NTB score than the best performing patient on placebo.
Delaying and minimizing effects of Alzheimer’s, dementia, and other memory-loss diseases is one thing. Reversing the effects after damage has already begun, that is something different entirely.
In mid-day trading, this stock is up 105% at $2.77 on over million shares. At one point the stock was up as high as $3.35, but either way the first move and second move indicate that this may be a 52-week high close. Its old 52-week trading range was $1.02 to $2.17 before today, so even if this drops back lower the new 52-week highs have been put in.
We have also seen over 4 million shares trade hands, so its 35,000 or so average daily volume has been passed 100-times over. And then some.
After going through the Prana history, this has spent some time as a $5.00 stock and has even tried to get closer to $10.00 before gravity pulled it back down.
JON C. OGG
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