Chicago-based biotechnical company Flex Pharma shares, continue to flip-flop today.
As of midday, shares went up to almost 2.20%, but then dropped to 0.14% within an hour.
The company has been working on creating a new technology that would prevent muscle cramping and spasms that are associated with Multiple Sclerosis (MS), Charcot-Marie-Tooth (CMT), and Amyotrophic Lateral Sclerosis (ALS).
In July 2017, the US Food and Drug Administration (FDA) approved the development of FLX-787 to treat severe muscle cramps in ALS patients. Flex Pharma, Inc. (NASDAQ:FLKS) was able to receive a Fast Track designation from the FDA, which would allow an accelerated development and review of drugs that address unmet medical needs of serious conditions.
According to the company’s most recent press release, there is no current drug approved in the US for ALS and, if successful, FLX-787 would be the first.
As of April 2017, the company was able to move into Phase 2 of the clinical trial of FLX-787 in ALS patients.
CEO and President of Flex Pharma Bill McVicar has said that this year “will be transformational for Flex as [they] expect to report results from a number of larger clinical trials,” according to the company’s end of year financial report.
Shares also jumped late last week and reached a 52-week high, but there was no significant news from the company that could have explained the jump. Within a few days, the shares began to drop again and on March 19. The company shares opened at $7.60 USD but reached a low of $6.13 USD.
There is still no news from Flex Pharma that would indicate an explanation for why the shares have been jumping up and down within the past week.
The closing value of shares for March 19 and 20 was $7.08 and the current pattern seems to show that today’s market close will be a similar, or lower, result.
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Featured Image: flex-pharma.com
