MyoKardia Inc. Is on the Rise Again Today -- Here's Why
After a monster run-up on Monday, MyoKardia Inc. (NASDAQ: MYOK) climbed another 145.9% as of 3:30 p.m. during Tuesday's session. It seems investors still giddy about positive clinical trial data released Monday are more than willing to overlook the secondary share offering proposed Monday afternoon.
It wasn't just the data that showed MyoKardia's lead new drug candidate, mavacamten, was capable of lowering a signal associated with irreparable heart damage that thrilled investors. The icing on the cake was the company's intentions to design the upcoming Explorer trial in a manner that could support a new drug application. This would allow the company to send an application to the FDA sooner than expected, and reduce the amount of capital necessary to keep the doors open until it has a product to sell.
Image source: Getty images.
Source: Fool.com
