Shares of RedHill Biopharma Ltd (RDHL - Free Report) have risen almost 12% after it announced allowance of two new patents for its key late-stage pipeline candidate, RHB-104.
In fact, so far this year, RedHill Biopharma stock has soared 85.3%, significantly outperforming the industry’s increase of 3%.
RedHill Biopharma announced that the U.S. Patent and Trademark Office has issued a Notice of Allowance while the European Patent Office gave an Intention to Grant two new patents to the company’s pipeline candidate, RHB-104.
If granted, the patent is likely to be valid till Feb 5, 2029. RHB-104 has a robust patent portfolio consisting of 30 patents including five in the United States.
RHB-104 is being evaluated in a phase III study for the treatment of moderate to severe active Crohn’s disease caused by mycobacterium avium subspecies paratuberculosis (MAP) infection in susceptible patients (the MAP US study). Top-line results from the study are expected in the coming weeks.
Earlier in May, the company announced that the last patient enrolled in the trial completed 26 weeks of treatment for primary endpoint evaluation.
Separately, an open-label extension phase III study (MAP US2 study) is ongoing to evaluate the safety and efficacy of RHB-104 on patients, who remain with active Crohn’s disease after 26 weeks of blinded study therapy in the ongoing Phase III MAP US study. RedHill Biopharma plans to submit a new drug application (NDA) for RHB-104 provided the MAP US study outcomes are positive with additional trials likely to be required in support of the NDA filing.
RedHill Biopharma currently carries a Zacks Rank #2 (Buy). Other stocks worth considering from the pharma sector include ChemoCentryx, Inc. (CCXI - Free Report) , CRISPR Therapeutics (CRSP - Free Report) and Taro Pharmaceutical Industries Ltd. (TARO - Free Report) , all sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here
ChemoCentryx’s loss per share estimates has been narrowed by 24% for 2018 and 0.8% for 2019 in the last 60 days. The stock has skyrocketed 113.3% year to date.
CRISPR Therapeutics’ loss per share estimates has been narrowed by 7.8% for 2018 and 9% for 2019 in the last 60 days. The stock has soared by a staggering 160.9% year to date.
Taro Pharmaceutical’s earnings estimates have been revised 13% upward for 2018 and 12.4% for 2019 in the past 60 days. The stock has gained 9.8 % so far this year.
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