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The Catalyst Behind Israeli Biopharma Enlivex Therapeutics' 3-Day Rally

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The Catalyst Behind Israeli Biopharma Enlivex Therapeutics' 3-Day Rally

Shares of Enlivex Therapeutics Ltd (NASDAQ: ENLV) broke out of a $4-$6 trading range last week and have been seeing strong upward momentum ever since. 

A Rally On COVID-19 Data: The catalyst behind the recent strong move lies in an announcement from the company Thursday regarding top-line results from an investigator-sponsored study of Allocetra in severe and critical COVID-19 patients.

Allocetra is an immunotherapy being developed by Enlivex for rebalancing a life-threatening unbalanced immune system.

Israel-based Enlivex said all five patients made a complete recovery from severe or critical conditions, and said there were no reported severe adverse events relating to the administration of Allocetra.

Encouraged by these results, the company said it plans to recruit additional patients from the investigator-initiated clinical trial into a larger Phase 2 clinical trial of COVID-19 patients in severe or critical condition, subject to regulatory approval. 

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Enlivex's Strong Stock Move: After gap-opening higher at $10.51 on Thursday, the stock rose to a high of $11.83 intraday, its highest level since Oct. 4, 2019.

Enlivex settled Thursday's session at $8.79, up about 48% for the day.

After a consolidation move for much of Friday, the stock rallied strongly going into the close, ending 17.8% higher at $10.35.

On Monday, the stock picked up where it left off last week and opened strongly at $13.86, hitting an intraday high of $15.

Enlivex shares were trading 38.16% higher at $14.30 at last check Monday.

Apart from an imminent Phase 2 COVID-19 study, the company also plans to start a Phase 2b study of Allocetra for the treatment of organ failure associated with sepsis in the fourth quarter.

Further updates on Allocetra could decide which way the stock is headed in the near-to-medium term.

Related Link: Attention Biotech Investors: Mark Your Calendar For October PDUFA Dates

 

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