ContraVir Pharmaceuticals (NASDAQ: CTRV)
ContraVir Pharmaceuticals (CTRV), a biopharmaceutical company made an announcement yesterday regarding new data showing that their candidate CMX157 is 60 fold more potent against the hepatitis B virus (HBV) than Gilead’s Viread. The company plans to file a new drug application for CMX157 to treat HBV before the end of 2015. The company also plans to start Phase 2 clinical study in patients with HBV in 2016.
CMX157
“CMX157 is a novel lipid acyclic nucleoside phosphonate that delivers high intracellular concentrations of the active antiviral agent tenofovir diphosphate. Compared to tenofovir, CMX157 is up to 60-fold more active against HBV and more than 200-fold more active against all major HIV subtypes in vitro. CMX157’s novel structure results in decreased circulating levels of tenofovir, lowering systemic exposure and thereby reducing the potential for renal and bone side effects. It has completed a Phase 1 clinical trial in healthy volunteers, demonstrating a favorable safety, tolerability and drug distribution profile.” PR Newswire
CTRV Technical Analysis
CTRV gapped up in price yesterday to $3.68, up from the prior day’s close of $2.11 which is a 74% 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 on September 2nd when the stock closed at $3.77. Taking a further look back on the chart, we can see the stock has been trending down ever since it hit its 52 week high of $5.76 on July 7th. A possible resistance level for the stock could be $5.00 as it tried to break thru that level twice on July 30th and August 3rd but could not hold it and retreated lower both times. The stock does have a low float of 22.26 million shares and also has a high short interest of 49%. The stock also is trading on extremely high volume at 132 times the normal daily trading volume. The stock did reach pre market highs of $4.28, meaning that it gave back $0.60 equivalent to 14%. For trading purposes, my entry point would have been $3.75 with a possible add on at pre market highs of $4.28 looking for a run to $5. My stop loss would have been $3.60 fearing anything below that and the stock would start to fill in the gap up.
About ContraVir Pharmaceuticals, Inc.
ContraVir Pharmaceuticals, Inc. operates as a biopharmaceutical company focused on the discovery and development of targeted antiviral therapies. Its lead candidate, FV-100, is an orally available nucleoside analogue prodrug that is being developed for the treatment of herpes zoster, or shingles, which is in Phase 3 clinical development. The FV-100 is also being developed for post-herpetic neuralgia that is in Phase 2 clinical study. The company is also developing CMX157, which is in Phase 2 clinical studies for the Hepatitis B virus. ContraVir Pharmaceuticals, Inc. was founded in 2013 and is headquartered in Edison, New Jersey. Yahoo Finance
