Friday, June 14, 2024

Guess which ASX 200 healthcare share just rocketed 11% on ‘groundbreaking trial’

Must read

Image source: Getty Images

The S&P/ASX 200 Index (ASX: XJO) is up a very healthy 0.8% today, but this ASX 200  healthcare share is leaving those gains wanting.

Shares in the biopharmaceutical company closed on Wednesday trading for $20.71.

The stock then entered a trading halt pending an announcement on the results of its phase 2 clinical trial for one of its drug candidates intended to treat patients with Pitt Hopkins syndrome.

The ASX 200 healthcare share exited that trading halt this morning following on that announcement, which saw shares leap to $23.07 apiece, up 11.4%.

After some likely profit-taking, shares are currently changing hands for $22.67 apiece, up 9.5%.

Any guesses?

If you said Neuren Pharmaceuticals Ltd (ASX: NEU), go to the front of the virtual class.

Here’s what’s spurring investor interest on Monday.

ASX 200 healthcare share soars on significant results improvements

The Neuren Pharmaceuticals share price is leaping higher today after the company reported on the top-line results from its phase 2 clinical trial of NNZ-2591 in children with Pitt Hopkins syndrome (PTHS).

PTHS can be severely debilitating for patients, yet there are currently no approved treatments for the disease.

And investors are bidding up the ASX 200 healthcare share after Neuren Pharmaceuticals noted a “statistically significant improvement” was observed relative to the baseline following treatment. That improvement was observed by both caregivers and clinicians across all four efficacy measures designed to assess the core characteristics of PTHS.

Patients showed improvements in areas including communication, social interaction, cognition and motor abilities.

Nine out of 11 children assessed by clinicians showed improvement, while eight out of 11 children assessed by caregivers showed improvement.

NNZ-2591 was also reported to be safe and well tolerated, with no serious or severe adverse events during the phase 2 trial.

Commenting on the clinical trial results sending the ASX 200 healthcare share soaring today, Neuren Pharmaceuticals CEO Jon Pilcher said:

We are very excited about the results of this first clinical trial in Pitt Hopkins patients. This underserved community has such urgent unmet need, and we can now continue towards our goal of developing a first approved treatment.

We are very grateful to the people in the Pitt Hopkins community and at the trial sites in the United States who enabled the successful completion of this extremely challenging, but groundbreaking trial.

Nancy Jones, Neuren vice president of Clinical Development added:

The consistent results on the PTHS specific assessments affirm the need for syndrome specific measurements in severe neurodevelopmental disorders where measures that were developed for broader populations may not be as appropriate.

Neuren Pharmaceuticals share price snapshot

With today’s intraday gains factored in, the ASX 200 healthcare share is up an impressive 67% since this time last year.

Latest article