Lexaria Bioscience Corp (NASDAQ:LEXX) Stock Soars On High Volume: What’s The Buzz?
Lexaria Bioscience Corp (NASDAQ:LEXX) jumped 28% after announcing that its pharmacokinetics and tolerability study VIRAL-A20-3 is complete with encouraging results. The study showed that DehydraTECH enabled colchicine benefitted from the company’s novel formulation and processing, leading to enhanced delivery.
DehydraTECH enabled colchicine is one of the many drugs the company has tested successfully with recognized SARS-CoV-2 antiviral properties. Colchicine is a certified therapeutic showing anti-inflammatory effects mostly used in treating gout and other conditions like cardiac inflammation. It has also demonstrated potential in managing cytokine storm-related with SARS-COV-2.
The company conducted the VIRAL-A2003 study using Sprague-Dawley rats dosed through oral gavage using the DehydraTECH colchicine or control formulations. Also, the study examined the absorption of two other untested antiviral drugs. There were unremarkable delivery findings with the two drugs, which the company believes was related to analytical limitations in methodology associated with discerning blood levels for the untested drugs. So in the coming months, LEXX is a stock to watch.
Market Reaction:
On Wednesday, LEXX stock soared 28% at $8.44 with more than 53.46 million shares, compared to its average volume of 969k shares. The stock has moved within a range of $8.14 – 12.50 after opening the trade at $8.38. Over the past 52-week, the stock has been trading within a range of $3.97 – 12.50.
