Vyne Therapeutics Inc (NASDAQ: VYNE) stock price rose 73.7% on news that the company had dosed the first patient in its Phase 1 a/b clinical trial of its VYN201 vitiligo treatment. However, this was not the first time the company had made this announcement.
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The biopharmaceutical company made a similar announcement on November 17, 2022, revealing that it had dosed the first patient kicking off the phase 1 clinical trial. It is unclear why the company decided to redo the announcement yesterday.
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However, as investors, we are looking at the market’s reaction to yesterday’s announcement, which triggered a new buying frenzy among retail investors who flocked to the stock in large numbers.
Over 3.79 million VYNE shares had changed hands at the time of writing as retail investors bought the company’s shares. Looking at other announcements made by the company in the past, we find that VYNE was granted its first patent on December 7, 2022.
The United Kingdom’s Intellectual Property Office granted the patent and covered “Compounds Comprising N-Methyl-2-Pyridone, And Pharmaceutically Acceptable Salts, ” the primary compound in VYN201.
David Domzalski, VYNE Therapeutics President and CEO, said: “Dosing the first vitiligo patient in our Phase 1a/b clinical trial represents a significant clinical milestone for VYNE and our novel InhiBET™ BET inhibitor platform. I’m pleased with the progress our team has made to advance this critical program, and we look forward to reporting topline data for both the Phase 1a and Phase 1b portions of the study in the first half of 2023.”
As a value investor, I would wait for the company to make further progress in the clinical trial before deciding to invest. Given that this is a phase 1 trial, I would wait for the firm to announce the results before buying.
However, investors should be aware that a drug has to pass three clinical trials before it can be approved for commercial use.
*This is not investment advice.
Vyne Therapeutics (VYNE) stock price.
The Vyne Therapeutics stock price rose 73.70% to trade at $0.3335, from Monday’s closing price of $0.1920.
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