Bio-Path Holdings Inc. (NASDAQ: BPTH) shares are on a rampage, with its second day of more than doubling. Shares actually were halted at multiple points during the day for volatility spikes. This is all coming after the firm posted solid results from a late-stage cancer trial.
This meteoric rise has many investors excited as this was only a $2 stock at the end of January. And excluding these past few days, the stock actually was down 28% in just January and February alone.
It’s very possible that all this hype around the stock will have management considering a secondary offering to capitalize on this massive move in the shares.
As for the late-stage trial, Bio-Path announced a clinical update to the previously reported interim analysis from the Phase 2 trial of prexigebersen (BP1001) for the treatment of acute myeloid leukemia (AML).
The study evaluated the efficacy and safety of prexigebersen in conjunction with low dose cytarabine (LDAC), a therapeutic regimen well-established in treatment of AML patients who cannot or elect not to be treated with more intensive chemotherapy.
In April 2018, Bio-Path completed an initial interim analysis of 17 evaluable patients and these results showed a promising safety and efficacy profile with 47% of patients having a response comprised of four complete response (CR) patients.
Recently, the data from the 17 evaluable patients was updated, and following a meeting with the principal investigators of the study, those results now show that the efficacy profile has improved to where 11 (65%) of the 17 evaluable patients had a response, including five (29%) who achieved CR (including one CRi) and one morphologic leukemia-free state (MLFS), and six stable disease responses, including two patients who had greater than a 50% reduction in bone marrow blasts. Importantly, through investigation by the principal investigators, it was observed that 68% of these patients were secondary AML patients, an extremely difficult class to treat.
Shares of Bio-Path were last seen up about 168% at $32.17, in a 52-week trading range of $1.61 to $73.52. The consensus price target was $15.00.