In Wednesday trading, shares of Tenax Therapeutics Inc. (TENX, Financial) rose more than 60% on news the Food and Drug Administration approved its submission for the phase two study of levosimendan, which treats pulmonary hypertension associated with heart failure and preserved ejection fraction.
“We are very pleased with the outcome of the pre IND meeting,” Michael Jebsen, interim CEO, said. “The initial pathway to move forward with the development of levosimendan in PH-HFpEF has been clarified and confirmed. We will finalize our Phase 2 clinical trial protocol for IND submission and continue preparations for a late June or July start of the trial.”
Conatus Pharmaceuticals Inc. (CNAT, Financial) plunged more than 25% in after-hours trading on Wednesday after releasing negative results of a clinical study of its liver disease treatment, which did not meet expectations.
The drug, emricasan, did not achieve a better response rate compared with placebos in liver transplant patients with fibrosis or cirrhosis.
In addition, Boeing Co. (BA, Financial) lost more than 1% after China imposed tariffs on U.S. imports.Ă‚
“We view the issue with trade as one of sentiment versus fundamentals, and we would expect Boeing’s near-term cashflow yield to produce some level of valuation floor even if the trade war escalates,” Robert Stallard, analyst at Vertical Research Partners, said.
He gave the stock a hold rating and a $366 price target, which is almost 12% above its previous closing price.
Disclosure: The author holds no positions in any stocks mentioned.
