Aquinox Pharmaceuticals Inc. (NASDAQ:AQXP)
Aquinox Pharmaceuticals, Inc. (“Aquinox”) (NASDAQ:AQXP), a clinical-stage pharmaceutical company discovering and developing targeted therapeutics in disease areas of inflammation and immuno-oncology, (Aug 6) announced results from secondary endpoints from its Phase 2 LEADERSHIP trial with AQX-1125 in patients with bladder pain syndrome/interstitial cystitis (BPS/IC). Globe Newswire
Aquinox Pharmaceuticals CEO Comments
“Consistently positive results from multiple secondary endpoints have strengthened our confidence in further development of AQX-1125 for BPS/IC,” said Mr. David Main, President and CEO of Aquinox. “The encouraging effect of AQX-1125 observed on the primary endpoint of reduction in pain together with several statistically significant secondary endpoints, underscore the potential of AQX-1125 as a once daily, oral therapy for this debilitating disease.”
“We believe the next steps for AQX-1125 in BPS/IC include finalizing our pivotal trial designs in consultation with the appropriate regulatory authorities, including the FDA and EMA, to set a path to potential approval,” added Mr. Main. Globe Newswire
AQXP Technical Analysis
AQXP gapped up today to $17.86 up from Friday’s close of $10.42 which is a 42% increase in price. Taking a look at the daily chart we can see the yearly high was $12.22 which was reached on March 13. We have to take a further look down the chart to see that the all time high for the stock was $14.00 which was reached on March 12, 2014. The stock is literally in unchartered territory right now. The stock was trading at $1.79 on Aug 6, so the stock has already had an impressive run up. The stock also dropped back on July 8 and 9 when it fell from $6.55 to $2.13, when the company announced that its lead drug AQX-1125 disappointed in the phase II Flagship study. The stock also has a very low float of 4.51 million shares and is trading on heavy volume today, making it a good stock for the gap and go strategy. For trading purposes, I would use the pre market high of $20 as my entry point. Due to the stocks extreme volatility recently my stop loss would be $18 which is wider than usual but acceptable under current stock conditions. Anything below $18 and I fear the stock will start to fill in the gap up in price.
Aquinox Pharmaceuticals Inc., a clinical-stage pharmaceutical company, engages in discovering and developing targeted therapeutics for diseases in the areas of inflammation and immuno-oncology. The company primarily focuses on anti-inflammatory product candidates targeting SHIP1, a key regulator of a cellular signaling pathway in immune cells. Its lead product candidate is AQX-1125, a small molecule activator of SHIP1 that is in Phase II clinical trials for chronic obstructive pulmonary disease, bladder pain syndrome/interstitial cystitis, and atopic dermatitis. The company was formerly known as 6175813 Canada Inc. and changed its name to Aquinox Pharmaceuticals Inc. in March 2006. Aquinox Pharmaceuticals Inc. was founded in 2003 and is headquartered in Vancouver, Canada. Yahoo Finance