Is CNS Pharmaceuticals (CNSP) Stock Ready To Hit $3 Soon?

CNS Pharmaceuticals Inc. (NASDAQ:CNSP) gained 6% following the FDA’s grant of a Fast track designation for its experimental medicine, Berubicin, for recurrent glioblastoma multiform treatment. Previously the company had reported that it had been granted orphan Drug Designation for Berubicin for recurrent GBM treatment.

John Climaco, the company’s CEO, said that the Fast Track designation is a massive milestone in Berubicin’s advancement for glioblastoma treatment.GBM is a deadly and aggressive treatment-resistant cancer type that affects the brain. Climaco said that this is the disease where there is a significant unmet clinical need requiring action. He said that with the designation, the company had an accelerated approval pathway for Berubicin. This is a chance to expedite the process of delivering this investigational therapy to patients dealing with GBM.

Recently the company announced that it would commence patient enrolment in the pivotal Berubicin study for recurrent glioblastoma multiform treatment. So in the coming months, CNSP is a stock to watch.

Market Reaction:

On Tuesday, CNSP stock jumped 6% to $2.13 with more than 17.07 million shares, compared to  its average volume of 169k shares. The stock has moved within a range of $1.9400 – 2.6800 after opening the trade at $2.68. Over the past 52-week, the stock has been trading within a range of $1.5900 – 4.4600.

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