Vascular Biogenics Ltd. (NASDAQ: VBLT)
Vascular Biogenics Ltd. (VBLT), a clinical stage biopharmaceutical company, received an upgrade to ‘Outperform’ from ‘Market Perform’ by JPM Securities yesterday. The company also recently announced that it will be presenting its complete Phase 2 data on VB-111 in combination with Bevacizumab (Avastin) at the European Society for Medical Oncology (ESMO) European Cancer Congress 2015. The ECC 2015 will be held on September 25th-29th in Vienna, Austria.
Vascular Biogenics Ltd. CEO’s Comments
Comments by the CEO that were made on Sept 17:
“We look forward to this opportunity at ECC 2015 to present complete results from this important Phase 2 trial of VB-111 in rGBM,” stated Professor Dror Harats, CEO of VBL Therapeutics. “The presentation will include response rates in patients, as well as updated results on overall survival and response rate. We are excited to move forward with development of this first-in-class biologic agent and continue recruiting to our recently launched pivotal Phase 3 study in rGBM.” Globe Newswire
VBLT Technical Analysis
VBLT gapped up in price yesterday to $9.20, up from the prior day’s close of $8.10, which is a 14% increase in price based on favorable news. Taking a look at the daily chart, we can see the last time the stock traded above this price level was back on February 13 when the stock closed at $14.11. On the next day the stock tanked all the way to $4.87, a 65% drop in price. However, the stock has been on an impressive move over the last few days as it closed at $5.36 on September 17, only to open trading yesterday at $9.20, or a 72% increase in price. I will be looking for this run to continue. The stock has a low float of 5.8 million shares and is trading on extremely high volume almost 28 times the normal daily trading volume. The stock did reach pre market highs of $9.88, meaning that it gave back $0.68 at the open equivalent to 7%. For trading purposes my entry point would have been $9.30 with a possible add at pre market highs of $9.88 looking for a run through $10. My stop loss would have been $9.00, fearing anything below that and the stock would have started to fill in the gap.
Vascular Biogenics Ltd., a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of treatments for cancer and immune-inflammatory diseases in Israel. Its lead product candidates include VB-111, a gene-based biologic that has completed Phase II clinical trials for the treatment of recurrent glioblastoma, an aggressive form of brain cancer; in Phase II clinical trials to treat thyroid cancer; and in Phase I/II clinical trials for the treatment of ovarian cancer. The company was formerly known as Medicard Ltd. and changed its name to Vascular Biogenics Ltd. in January 2003. Vascular Biogenics Ltd. was founded in 2000 and is headquartered in Or Yehuda, Israel. Yahoo Finance