Biotech stock traders must be having a great day with Reviva Pharmaceuticals Holdings, Inc. (NASDAQ: RVPH) as the stock more than doubled on Monday.
What is more important is that the stock has experienced a trending day with a gap up opening and since then rising further. So early buyers even after a gap-up opening are rewarded well.
So what’s driving this stock crazy today? Well, this morning the company stated its experimental treatment for schizophrenia met the primary endpoint in a mid-stage clinical trial.
Reviva said that the investigational therapy, brilaroxazine, met all safety endpoints and helped with “social functioning and cognition” in the randomized, placebo-controlled, double-blind Phase 2 clinical study.
At the time of writing, RVPH stock is up by 87% at $7.96 after hitting a session high of $9.50. The stock is still 48% away from its 52-week high of $15.10.