Why Did RedHill Biopharma Shares Jump 12% Monday?

RedHill Biopharma Ltd RDHL has reported new data from the opaganib global Phase 2/3 study in hospitalized COVID-19 patients with severe pneumonia.
Related: What's Happening With RedHill Biopharma's Stock On Tuesday?
The data comes from a post-hoc analysis of data from the 251 study participants requiring a Fraction of inspired Oxygen (FiO2) up to 60% at baseline.
The data showed that treatment with oral opaganib vs. the placebo-controlled arm resulted in a 62% statistically significant reduction in mortality.
77% of opaganib-treated patients reached room air by Day 14 vs. 63.5% for placebo - an efficacy benefit of 21% with opaganib.
Patients treated with opaganib showed a median time of 10 days to discharge vs. 14 days for the placebo arm.
Overall adverse events were balanced between the opaganib and placebo groups, suggesting good safety, with no new safety signals.
The new data of the sub-group analysis follows the Company's previously announced top-line results of the Phase 2/3 study.
Related: Merck COVID-19 Oral Antiviral Cuts Risk of Hospitalization, Death By 50%.
Analysis of the top-line data is still ongoing, including further analysis of the potential for the increased benefit of treatment with opaganib in patients at earlier stages of the disease.
RedHill intends to discuss the study outcomes with regulators to help determine the next steps.
Price Action: RDHL shares closed 11.67% higher at $4.88 on Monday.