The Single Event That Rocketed Arena Pharmaceuticals, Inc. Higher by 10% in October
Shares of Arena Pharmaceuticals (NASDAQ: ARNA), a small-cap biotech company with a focus on a broad array of specialty disease indications, vaulted higher by 10% during the month of October, according to S&P Global Market Intelligence. The reason for the excitement appears to be an Oct. 19 press release detailing positive midstage results for its lead drug ralinepag, an oral, selective prostacyclin receptor agonist for the treatment of pulmonary arterial hypertension (PAH).
The data release was tied to a poster presentation at the American College of Chest Physicians' annual meeting in Canada. The midstage study wound up demonstrating "a statistically significant absolute change from baseline in pulmonary vascular resistance (PVR) with ralinepag compared to placebo." That's notable because prostacyclin deficiency results in increased PVR, usually leading to right ventricular failure and possibly death.
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Source: Fool.com
