Alliqua Biomedical Inc (NASDAQ: ALQA) is having an incredibly strong start to the trading session this morning. However, if you’re looking for a press release, you’re not going to find any. Nonetheless, there’s a good reason for the gains. The company has been awarded a government grant, exciting investors and sending the stock on a run for the top. Today, we’ll talk about:
- The grant news;
- what we’re seeing from ALQA stock as a result; and
- what we’ll be watching for ahead.
ALQA Gains On Grant
As mentioned above, Alliqua Biomedical is having an incredibly strong start to the trading session this morning, but the company hasn’t issued any press releases. So, what’s the deal?
In a recent SEC filing, we learned that ALQA will benefit from a grant funding award for the Phase 2 study of Brivoligide in patients undergoing mastectomy. The grant was announced via SEC filing, and comes from the National Institute on Drug Abuse, a part of the National Institutes of Health.
The award will support the continued development of the lead product candidate, brivoligide injection for postoperative pain. However, the grant was issued to Adynxx. Nonetheless, this is important to ALQA as the two companies merged back in October.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. In the case of Alliqua Biomedical, the news proved to be overwhelmingly positive. After all, the grant funding will help the company to further develop the treatment, reducing costs on the company in doing so. So, it’s not surprising to see that excited investors are pushing the stock on a run for the top in the market this morning. As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:20), ALQA is trading at $3.06 per share after a gain of $0.93 per share or 43.66% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the iWatch Markets team will continue to keep a close eye on ALQA. In particular, we’re interested in following the story surrounding the company’s continued work to develop brivoligide as the treatment now has the financial support of the National Institutes of Health. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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