Shares of biopharmaceutical company First Wave BioPharma (NASDAQ:FWBI) are soaring in the pre-market session today after FWBI announced that the U.S. Food and Drug Administration is reviewing its investigational new drug (IND) amendment for the Phase 2 trial of adrulipase.
Despite today’s price rise, shares of the company are still down a massive 98.5% over the past year.
The Phase 2 trial is planned for an enhanced enteric microgranule delivery formulation of the therapy for the treatment of exocrine pancreatic insufficiency (EPI) related to cystic fibrosis and chronic pancreatitis.
FWBI has been in discussions with the FDA and anticipates a response from the regulator by the end of this month.
While the Street is cautiously optimistic about the stock with a Moderate Buy consensus rating, the average price target of $4 points to a more than substantial 515.48% potential upside in FWBI stock from the current level.
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