Today is a great day to be trading stocks as markets are up across the board. There has been a surge of traders this month entering small cap biotech and drug development stocks in search of the next Covid play. Yesterday saw news from Novavax (NASDAQ: NVAX), which is helping fuel a 12% rise in it this morning, but shares of Revive Therapeutics (OTCMKTS: RVVTF) are shooting up over 24% on FDA approval for phase three trials for its covid drug. Take a look at the chart.
Revive Therapeutics is based in Canada where it trades as RVV on the CSE. It has a market cap of around $47 million US dollars, which means that it doesn’t take a lot of money flowing into the stock to push it up. Today the company announced news that it received “approval to proceed with the Company’s Phase 3 clinical trial to evaluate the safety and efficacy of Bucillamine in patients with mild-moderate COVID-19, the Company is finalizing agreements and aligning resources to initiate the Phase 3 clinical trial in September.”
“With the FDA approval of the Phase 3 clinical study to evaluate Bucillamine in the treatment of patients with mild-moderate COVID-19, our team and partners are working diligently to align our resources and expertise that will fast-track the Phase 3 study,” said Michael Frank, Revive’s Chief Executive Officer.
If the trials succeeds it could provide a breakthrough in treating Covid patients and that is bringing excitement into the stock. Check out these traders on twitter talking about it:
I do not own shares of RVVTF or plan on buying them, because I am not sure what will happen with the trial. I have specific trading patterns I use to pick out my stocks and today my stock pick for the month is up again. Every morning before the opening bell I send out my trading updates with alerts via email for free. You can get these updates for free just click here to subscribe.