Catabasis Get A Huge Lift From Collaboration With Sarepta

Catabasis Pharmaceuticals Inc (NASDAQ: CATB) shares are trading higher by $3.00 (60 percent) at $7.48 in Thursday's session.

The catalyst for the rally is the announcement of a joint research collaboration with Sarepta Therapeutics Inc (NASDAQ: SRPT) in Duchenne Muscular Dystrophy.

Related Link: Sarepta Could More Than Double Its Addressable Market In A Few Years, But Eteplirsen Isn't The 'Be All End All'

Following a higher open ($5.62 vs. Wednesday's close of $4.48), it retreated and found support well ahead of the top of Wednesday's range ($4.50), only reaching $5.11 before resuming its move higher.

So far, it has reached $7.89 and has backed off to the mid-$7 handle. That's just shy of its March 9 high of $7.77.

Today's price action is taking place on monster volume. In the first 45 minutes of the session, 5.6 million shares have traded compared to its 20-day average of only 116,000.