Harvard Apparatus Regenerative Technology, Inc. (NASDAQ: HART)
Harvard Apparatus Regenerative Technology, Inc. (HART), a clinical stage biotechnology company yesterday announced significant results on its 2nd Generation bioengineered platform in an animal research study. The study showed evidence of complete esophageal tissue regeneration.
Harvard Apparatus Regenerative Technology, Inc. CEO Comments
Jim McGorry, HART CEO, commented: “We pursued these animal studies to test the design and technology enhancements we have made to our second generation technology and to prepare us for our upcoming studies with the Mayo Clinic. We are very encouraged by the results of these studies and by the significant advancements we have made across all three indications. In particular, results for the Gen2 implant in the esophagus far exceeded our expectations, particularly given the study’s brief duration. Over a two-week period, all layers of the esophagus, most notably the epithelial and muscle layers, were fully regenerated, and components of esophageal nerves were present. Such nerves are fundamental to the proper contraction of the muscles that move food along the esophagus.”
Mr. McGorry continued, “Based on the strong performance of our Gen2 implants in all three indications, we are well-positioned as we move forward with confirmatory longer-term large-animal studies with Mayo Clinic in December.” PR Newswire
HART Technical Analysis
HART gapped up in price yesterday to $1.22, up from the prior day’s close of $0.63, which is a 94% increase on the favorable news. Taking a look at the daily chart, we can see the last time HART traded above this price level was on September 18th, when it closed at $1.25. Taking a further look back on the chart, we can see that HART has been in an overall decline dating back to March 9th when it traded at $4.32. The next possible resistance level for this spike up would be $1.50 which was reached on September 9th. HART does have a low float of 10.44 million shares and is trading 48 times the normal daily trading volume. HART did reach pre market highs of $1.49, but gave back $0.27 at the open, or equivalent to 18%. For trading purposes, my entry point would have been $1.25 looking for a run to $1.50. My stop loss would have been $1.15, fearing anything below that and the stock would start to fill in the gap up.
Harvard Apparatus Regenerative Technology, Inc., a clinical stage biotechnology company, develops and commercializes regenerated organs for human transplant. The company is developing the HART-Trachea, which includes a scaffold, the patients cells, and a bioreactor to restore the structure and/or function of a severely damaged trachea; and automated solid organ bioreactor that has the ability to seed cells on an organ scaffold and keep them sterile and healthy during the growth phase prior to transplant. Its pre-clinical stage products include human-sized synthetic scaffold prototypes for esophageal transplant. The company has a pre-clinical collaboration with Connecticut Children’s Medical Center to develop a process for repairing or replacing the esophagus to treat life-threatening pediatric conditions, such as esophageal atresia. Harvard Apparatus Regenerative Technology, Inc. was founded in 2007 and is headquartered in Holliston, Massachusetts. Yahoo Finance