Histogen (HSTO) Stock Crosses $1 Mark: Is it A Bullish Sign?

The Histogen Inc (NASDAQ:HSTO) stock was one of the notable positive gainers yesterday after the company announced positive results from the Phase 1 clinical study of its product Emricasan in COVID 19 patients.

The news came as a major boost for the Histogen stock and it rallied by as much as 16% yesterday as investors piled on it in a big way. According to the results, Emricasan want not only found to be safe but also well tolerated by the patients and no serious events were recorded.

On the other hand, the patients who had been treated with the product were cured of all the symptoms that are generally associated with COVID 19 infection. The treatments had been administered to patients over a period of 14 days and the symptoms had also been checked for as a follow up on the 45th day.

The product had been developed by the company in collaboration with Amerimmune LLC and the announcement had been made by the two companies jointly. It goes without saying that total resolution of all symptoms is a major milestone for the company and the price action in the Histogen stock is not unexpected. Investors could consider adding the stock to their watch lists at this point.

Market Reaction:

On Tuesday, HSTO stock gained 16.16% to $1.10 with more than 30.08 million shares, compared to  its average volume of 1.08 million shares. The stock has moved within a range of $0.9800 – 1.2300 after opening the trade at $1.01. Over the past 52-week, the stock has been trading within a range of $0.7500 – 4.5000.

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