Aquinox Pharmaceuticals Surrenders Early Gains

Aquinox Pharmaceuticals Inc AQXP shares are trading lower by $0.31 at $14.21 in Tuesday's session. The issue did get a boost off the open as Leerink assumed coverage on the issue with an Outperform rating and $24 price target.

The company is best remembered for its historic rally in August 2015, when the issue staged one of the biggest moves of all time. After closing on August 6, 2015, at $1.79, it catapulted to $55.75 two days later, but fell back to end that day at $18.88.

The catalyst for that historic rally was positive results in a Phase 2 leadership trial with AQX-1125 in patients with bladder pain syndrome/interstitial cystitis. At this time, there has been no significant developments on that drug to support the price action from those few days.

Following its higher open, it rallied another $0.21 to $15.32 before sharply reversing course. That is just shy of its September 23 high of $15.45.

Since making that high, it has surrendered all of its gains and has gone red for session with the current low standing at $14.11. Major support in the rests at the trio of low from its last three sessions from $13.42 to $13.58.