The biotech firm Bio-Path Holdings Inc (NASDAQ:BPTH) has been in sharp focus among investors today and has managed to clock gains of as much as 6% in premarket trading. While the gains made by the stock are expected to be noticed by most investors, it is also necessary to point out that there has been no news about the company in recent days that could have led to this rally.
However, it might be worthwhile for investors to remember that back on June 22 this year the company had announced that it the United States Patent and Trademark Office granted it a new patent in relation to the BP 1003 program.
The product in question is a liposome-incorporated oligodeoxynucleotide inhibitor and is meant for acting against Signal Transduction and Activator of Transcription-3 (STAT3). It was a significant development for the company since the awarding of the patent is going to help the company in protecting its commercial interests going forward. It is also necessary to note that the latest patent adds to the previous patents that had been granted to the company and protects the company’s RNAi nanoparticle medicines DNAabilize.
Market Reaction:
On Thursday, BPTH stock gained 1.25% at $6.50 with more than 65k shares, compared to its average volume of 282k shares. The stock had moved within a range of $6.21 – 6.53 after opening the trade at $6.30. Over the past 52-week, the stock has been trading within a range of $3.12 – 24.34.
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