Definium's Psychedelic Drug DT120 Shows Strong Efficacy in Phase 3 Depression Trial, Shares Surge 50%
DFTX has more than doubled off its 52-week low of $6.345 on elevated volume (9.1× avg).
Summary
Definium Therapeutics' psychedelic drug DT120 showed strong efficacy in its Phase 3 trial for depression, reducing symptoms by 8.1 points on a 60-point scale and sustaining the benefit for three months after a single dose. This WSJ report elaborates on earlier positive topline results announced today, which have already sent shares up 50%. These robust results for a late-stage psychedelic drug are a major de-risking event, exceeding analyst expectations and validating the company's pipeline. The company is now launching a $500 million public offering, likely to fund further development and commercialization efforts.
At the time of this announcement, DFTX was trading at $35.00 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $4B. The 52-week trading range was $6.35 to $39.16. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.