Clinical stage biotech firm Pieris Pharmaceuticals Inc (NASDAQ:PIRS) was one of the notable gainers in the sector last week and managed to clock gains of 11% through the week.
The stock was on the move last week after it emerged that its product PRS 343 was granted the designation of an orphan drug by the United States Food and Drug Administration. The product is meant for treating gastric cancers. It was a significant development for the company and the rally in the stock through the week was understandable. It is now going to be interesting to see if the stock comes into focus among investors this morning.
Stephen C. Yoder, who is the Chief Executive Officer and President of the company, spoke about the development as well. He said that the award of the orphan drug designation from the agency is an important step for the company.
The award also indicates that there is a lot of unmet demand in the market for gastric cancer treatments. He went on to state that the company is going to launch the Phase 2 trial for PSR 343 at some point later on in the summer. In the meantime, investors could keep the stock in their watch lists.
Market Reaction:
On Friday, PIRS stock fell 8.47% to $4 with more than 42.67 million shares, compared to its average volume of 10.80 million shares. The stock has moved within a range of $3.9150 – 4.9100 after opening the trade at 4.90. Over the past 52-week, the stock has been trading within a range of $1.7000 – 5.0900.
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