The stock of Cocrystal Pharma, Inc. (COCP) declined in the current market after the company announced in the press that they have received guidance from FDA about the Covid-19 antiviral drug. The stock of COCP was valued at $0.63 in the current market and declined more than 3.90% from the previously closed value. At the end of the last trading session, the stock closed at $0.65. The volume of the stock traded in the last trading session was around 953.59K shares.
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Reason for the COCP stock gain
The stock of Cocrystal Pharma, Inc. (COCP) declined slightly in the current market following the announcement of the company that they have received guidance from the FDA to advance their further clinical development of its Covid-19 Antiviral drug CDI-45205. They were given a green signal to go with Covid-19 primary protease inhibitor as a potential treatment for COVID-19 and its all variants.
They said the FDA response was extensive and valuable and provided key insights that will benefit them when advancing with clinical and non-clinical development. The response of the FDA had covered all the topics including pre-clinical studies, production, pharmacology, and toxicology as well as clinical development plans for its antiviral drug’s Phase one and 2 studies.
Their CEO said that their antiviral has shown activity against different Covid-19 variants that include the Alpha, Beta, Gamma, and Delta variants. It is also responsive towards even the Omicron variant. He said that their antiviral CDI-45205 is not a quick-to-market repurposed drug. Because of its design, they stay highly confident in the broad-perspective antiviral capability of their synthesized antiviral against Covid-19 and its all variants.
Effect on the stock
The stock of Cocrystal Pharma, Inc. (COCP) declined in the current market after they received guidance from the FDA for further development of their antiviral Covid-19 drug. The investors seem to be responding positively to the news and its stock surged in the current market.
Conclusion
The antiviral drug of Cocrystal Pharma, Inc. (COCP) seems to have the potential to get successful. The FDA giving further guidelines portrays a perception that it going in the right direction with its trials.
