The ContraVir Pharmaceuticals Inc (NASDAQ:CTRV) stock has rocketed higher by nearly 109% over the past three trading sessions.
The stock closed Monday at $2.34, up 19.39%, with 30.55 million shares traded. The volume number is huge, considering the stock’s average daily volume is just 557.68K.
The trigger for the surge in the share price is the October 13 announcement by the company that a study of its CMX157 drug for the treatment of chronic hepatitis B showed it had superior viral load reduction compared to a rival drug.
ContraVir Pharmaceuticals Inc (NASDAQ:CTRV) has 99% viral load reduction from CMX157
ContraVir is a biopharmaceutical company focused on the development and commercialization of targeted antiviral therapies, particularly for hepatitis B virus (HBV).
CMX157 is the Company’s highly potent prodrug of tenofovir, and was undergoing a Phase 2a multiple ascending dose study for chronic hepatitis B (HBV) patients.
Contravir obtained positive interim data from the study.
“The head-to-head study is the first evaluation of CMX157 in HBV patients, and directly compares CMX157 to tenofovir disoproxil fumarate (TDF, Gilead’s Viread) in chronically infected hepatitis B (HBV) patients,” the company said.
“The CMX157 treated patients showed an average 99% reduction in HBV viral load compared to baseline,” it added. “Significantly, the observed antiviral activity for CMX157 is comparable to that observed in TDF-treated patients, but at 1/12th the dose (25 mg CMX157 vs. standard 300 mg TDF).”
“The significant viral load reduction and favorable safety at this low dose of CMX157 speaks to the unique liver-targeting mechanism of our drug, which concentrates the antiviral activity of tenofovir in the liver, enabling anti-HBV efficacy at lower doses and minimal drug exposure to other tissues,” said James Sapirstein, CEO.
ContraVir Pharmaceuticals Inc (NASDAQ:CTRV): CRV431 could be a sleeper blockbuster (in combination)
Contravir is also developing CRV431, a cyclophilin inhibitor derived from cyclosporine A, to be used for treating HBV.
The drug, which has robust pre-clinical data, may soon enter IND-enabling studies .
“CRV431 has a clearly distinct and complementary mechanism of action, as compared to ContraVir’s clinical stage HBV drug CMX157, which the company believes can act as a cornerstone molecule for a future combination HBV curative treatment,” Contravir says on its website.
Last month, Contravir said it had found “robust anti-HBV activity of its potentially best-in-class cyclophilin inhibitor CRV431, including evidence of synergy with CMX157, ContraVir’s highly potent prodrug of tenofovir, when the two drugs are used together.”
Could Contravir be sitting on a blockbuster combination therapy for Hepatitis B? According to one analyst, the company could go so far as to eradicate hepatitis.
However, pre-open today, the stock is trading at $2.21, down 5.56%.