It was a strange day on Wall Street for Neoprobe (AMEX: NEOP) as the company’s shares hit a 52-week high while also ending the day down about 3 percent.
In early trading Thursday, the company’s shares reached a 52-week high of $3.93, before falling throughout the rest of the day and closing at $3.73.
The early surge may have been related to the company’s continued progress on its drug Lymphoseek, a tracing agent that identifies cancerous lymph nodes in patients with breast cancer and melanoma. On Monday, Neoprobe said a Phase 3 clinical trial of the drug had reached its (pdf) “accrual goal” related to the size of the study.
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That same day, analysts at Rodman & Renshaw initiated coverage on Neoprobe’s shares, and set an “outperform” rating and a $6 price target on the stock. Earlier in the month, analysts at WBB Securities raised their price target $6 to $7.50 in a research note to investors, and have placed a “strong buy” rating on the stock, American Banking News reported.
CEO David Bupp said he’s confident that the Lymphoseek trial’s endpoints will be met, and clinical data would be available in the second quarter. The company is expected to file for regulatory approval of the drug later this year.
The closer Neoprobe gets to commercializing Lymphoseek, the more attractive it becomes to acquirers — and investors.
The company’s stock began trading on the NYSE Amex earlier this month, after having previously been traded on Nasdaq’s Over-the-Counter Bulletin Board.
