Clinical-stage biotechnology company BioVie (NASDAQ:BIVI) announced favorable data from two Phase 2 trials assessing the potential of its NE3107 drug candidate in treating Parkinson’s and Alzheimer’s diseases. BioVie stock jumped over 22% in Tuesday’s pre-market trading in reaction to the news.
BioVie disclosed that patients under 70 years of age treated with the combination of NE3107 and levodopa experienced greater motor control in Parkinson’s trial compared to patients treated with levodopa alone. As per the company, the level of superiority revealed by the trial is considered to be “clinically meaningful” by Parkinson’s experts. BioVie also disclosed favorable data related to the trial for patients who are more than 70 years old. Overall, the Phase 2 study met both of its objectives.
Coming to the Phase 2 trial related to Alzheimer’s disease, the company disclosed that patients treated with NE3107 experienced enhanced cognition as indicated by multiple assessment tools. Furthermore, no drug-related adverse effects were noted in the trial.
BioVie is focused on developing innovative drug therapies for the treatment of neurological and neurodegenerative disorders as well as advanced liver disease. The company recently announced that its Phase 3 Trial assessing NE3107 in Alzheimer’s disease has enrolled the targeted 316 patients.
Is BioVie a Buy, Sell, or Hold?
BioVie scores a Moderate Buy consensus rating based on two unanimous Buys. The average BIVI stock price target of $10 implies nearly 92% upside potential. Shares have advanced 14.7% year-to-date.
