Why Shares of BioVie Rose 15.3% in December
Shares of biotech BioVie (NASDAQ: BIVI) rose 15.3% in December, according to data provided by S&P Global Market Intelligence. The stock closed November at $6.74 a share. It climbed to as high as $14.38 on Dec. 16, before closing the month at $7.77.
That roller-coaster climb came after the company announced, and then explained, some results from a couple of phase 2 trials for its lead therapy, NE3107. The stock is up more than 20% over the past year.
The clinical-stage biotech's stock jumped after the company announced on Dec. 5 that its candidate therapy NE3107 had shown positive results in studies on both Parkinson's disease and Alzheimer's disease. In one of the phase 2 trials, 88.9% of Parkinson's disease patients 70 or older who were treated with NE3107 in combination with levodopa (the current standard of care for Parkinson's) showed improvements of greater than 30% on their UPDRS Part 3 score -- a key measurement of motor function -- compared to just 63.6% of patients treated with levodopa alone.
Source Fool.com
