Trevena, Inc. (NASDAQ: TRVN)
Trevena, Inc., a clinical stage biopharmaceutical company, today announced positive data on its phase 2b trial of TRV130. The study showed that the drug improved pain relief over a 24 hour period over the placebo. “The data from this trial showed that TRV130, when given on-demand, matched morphine efficacy for pain relief with a markedly improved safety and tolerability profile,” said Neil Singla, M.D., chief scientific officer of Lotus Clinical Research and lead investigator of the study.”
Trevena, Inc. CEO’s Comments
“The positive data from this study continue the impressive accumulation of evidence suggesting meaningful differentiation of TRV130 from morphine,” said Maxine Gowen, Ph.D., chief executive officer of Trevena. “The goal of new analgesic drug discovery has long been the provision of more powerful pain relief with reduced opioid-related adverse effects. We believe the Trevena biased ligand platform has delivered this profile in TRV130 and we look forward to starting Phase 3 development in early 2016.” Business Wire
TRVN Technical Analysis
TRVN gapped up in price today to $8.11 up from yesterday’s close of $6.00 which is a 35% increase in price based on favorable news. Taking a look at the daily chart we can see the last time the stock traded at this price level was at its 52 week high of $8.16 back on March 24. To find a price level above this price we have to go back to March 20, 2014 when it traded at $8.38. The stock has a low float of 18.9 million and is trading on heavy volume today making it a prime candidate for the gap and go strategy. The pre market highs for the stock reached $8.70 so it gave back $0.59 at the open. For trading purposes I would use $8.16 as my entry point with a possible add on at the pre market highs of $8.70. My stop loss would be $8.00 fearing anything below that and the stock will start to fill in the gap up.
Company Profile
Trevena, Inc., a clinical stage biopharmaceutical company, discovers, develops, and intends to commercialize therapeutics for G protein coupled receptors. The companys central nervous system product pipeline includes TRV130, a small molecule G protein biased ligand at the mu-opioid receptor, which is in Phase II clinical trials for patients experiencing moderate to severe acute pain where IV administration is preferred; and TRV734, a small molecule G protein biased ligand at the mu-opioid receptor that is in Phase I clinical trials for the treatment of moderate to severe acute and chronic pain. Its central nervous system product pipeline also comprises TRV250, a small molecule G protein biased ligand of the delta-opioid receptor, which is in preclinical development stage for the treatment-refractory migraine headaches. In addition, the company develops cardiovascular programs, such a TRV027, a peptide beta-arrestin biased ligand that targets the angiotensin II type 1 receptor and is in Phase II clinical trials for the treatment of acute heart failure in combination with standard diuretic therapy. Trevena, Inc. was founded in 2007 and is headquartered in King of Prussia, Pennsylvania. Yahoo Finance
