Adamas Pharmaceuticals, Inc. (NASDAQ : ADMS)
Adamas Pharmaceuticals, Inc. (ADMS), a specialty pharmaceutical company yesterday announced positive Phase 3 results from its clinical trial for its lead candidate ADS-5102. ADS-5102 is used for the treatment of levodopa-induced dyskinesia (LID) in patients with Parkinson’s disease. The trial showed that ADS-5102 showed a statistically significant reduction of LID at 12 weeks for patients versus the placebo. Patients showed a 23% reduction in LID while on ADS-5102 versus the placebo, and were able to maintain the LID reduction at 24 weeks.
Adamas Pharmaceuticals, Inc. CEO’s Comments
“We are very pleased with these top-line results that confirm and extend the positive findings from our earlier randomized, placebo-controlled study,” stated Gregory T. Went, Ph.D., Chairman and Chief Executive Officer of Adamas Pharmaceuticals, Inc. “Parkinson’s disease patients have no approved medicine for this potentially serious complication of levodopa therapy. With these data in hand, we look forward to talking with the FDA about our planned NDA submission for ADS-5102.” Globe Newswire
Parkinson’s Expert Comments :
“These data are impressive and suggest that ADS-5102 has a clinically relevant effect on dyskinesia,” said Rajesh Pahwa, M.D., Laverne & Joyce Rider Professor of Neurology, Director of the Parkinson’s Disease and Movement Disorder Center at the Kansas University Medical Center. “As a member of the Parkinson’s community, I welcome a drug for treating levodopa-induced dyskinesia that does not worsen the motor features of Parkinson’s disease.” Globe Newswire
ADMS Technical Analysis
ADMS gapped up in price yesterday to $22.76, up from the prior day’s close of $16.86, which is a 35% increase on favorable news. Taking a look at the daily chart, we can see the last time ADMS traded above this price level was on August 12th when it traded at $22.90. Taking a further look down the daily chart we can see that ADMS has been on an overall decline dating back to July 17th when it traded at $29.80. ADMS has a low float of 10.56 million shares and is trading over 43 times the normal daily trading volume. ADMS did reach premarket highs of $26.50, but gave back $3.74 at the open, or equivalent to 14%. For trading purposes, my entry point would have been $23.85 looking for a run to $25. My stop loss would have been $22.60, fearing anything below that and the stock would start to fill in the gap.
Adamas Pharmaceuticals, Inc., a specialty pharmaceutical company, focuses on the development and commercialization of therapeutics targeting chronic disorders of the central nervous systems. The companys lead product candidate, ADS-5102 is in Phase 3 clinical development for the treatment of a movement disorder, known as levodopa-induced dyskinesia associated with Parkinsons disease. ADS-5102 is also in a Phase 2 clinical study for the treatment of symptoms associated with various sclerosis, including walking impairment. The companys portfolio also includes Namzaric (memantine HCl extended release and donepezil HCl) capsules; and Namenda XR (memantine HCI) extended release capsules. It has a licensing agreement with Forest Laboratories Holdings Limited for marketing Namzaric and Namenda XR. The company was formerly known as NeuroMolecular Pharmaceuticals, Inc. and changed its name to Adamas Pharmaceuticals, Inc. in July, 2007. Adamas Pharmaceuticals, Inc. was founded in 2000 and is headquartered in Emeryville, California. Yahoo Finance