The 1 Very Clear Reason Arena Pharmaceuticals, Inc. Skyrocketed 41% in July

The 1 Very Clear Reason Arena Pharmaceuticals, Inc. Skyrocketed 41% in July

Shares of Arena Pharmaceuticals (NASDAQ: ARNA), a biopharmaceutical company focused on the development of small-molecule drugs for the treatment of a variety of diseases, catapulted 41% during July, according to data from S&P Global Market Intelligence. The incredible surge in Arena's share price can be traced to the company's July 10 press release detailing its top-line results for a midstage study involving experimental drug ralinepag in patients with pulmonary arterial hypertension (PAH).

As you can likely surmise by the 41% return shareholders were privy to in July, the phase 2 study involving ralinepag offered plenty of encouragement. The 61-patient phase 2 study demonstrated "a statistically significant absolute change from baseline in pulmonary vascular resistance (PVR) compared to placebo." It also showed a numerical improvement in six-minute walk distance. Overall, a 29.8% improvement in PVR was noted versus the placebo arm, and a 20.1% improvement relative to baseline. A statistically significant improvement in PVR was the primary efficacy endpoint of the study.

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Source: Fool.com