The stock of Galera Therapeutics, Inc. (GRTX) surged in the current trading after the company announced their corrected data of effectiveness of their phase 3 ROMAN trials of Avasopasem. The stock valued at around $2.97 per share in the current session at the time of this writing. This is a gain of more than 115% from the previously closed value. At the end of the last trading session the stock closed at $1.38. The average volume of the stock traded in the last trading session was around 1.64 million.
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Reasons of the stock gain:
Galera Therapeutics, Inc. (GRTX) has announced that they have corrected the earlier reported data after they further investigated the results. The company found the error by the contract research organization in the statistical data. The values of the primary and secondary endpoints were observed to be improved after the correction of the error in Phase 3 ROMAN trial of avasopasem.
The corrected errors in p-values are as follows:
- A reduction of 16% in the SOM in the treatment group of avasopasem 54% vs placebo group’s 64%. This was lastly announced as p=0.113, the primary endpoint.
- A Reduction of 56% in the number of days in the SOM in the treatment of avasopasem was seen to be 8 days vs placebo group of 18 days. Currently its p=0.0022, lastly it was announced as secondary endpoint as p=0.011
- A reduction of 27% in the severity in the treatment group of avasopasem was currently observed to be 24% vs placebo group of 33%.
Effect on the stock:
After the announcement of the correct data, the investors saw a potential in the growth of the company. The company showed some innovative and promising results and has potential to ensure its vision to transform radio therapy or RT in cancer. The investors were seen confidant in investing in its stock. Due to which the value of its shares crossed more than 115%.
Conclusion:
The company is looking forward to meeting with FDA to discuss its results of single Phase 3 trial along with the Phase 2 trials in 2022 to whether it could complement a submission in NDA. As of now to reduce the cause or duration of SOM in tumors there are no drugs that are FDA approved are available at the moment.
