Proteon Therapeutics (PRTO) Crashes on Trial Results; Upside Visualized in Achaogen (AKAO)
Proteon Therapeutics, Inc. (Nasdaq:PRTO) shares plummeted more than 60% to touch a new 52-week low before the opening bell Tuesday as the company said that a late-stage trial evaluating its investigational drug Vonapanitase in patients with chronic kidney disease missed the primary endpoint of improved primary unassisted patency versus placebo.
PRTO stock finished Monday’s trading session at $9.90, down $0.10 (or -1.00%).
Proteon Therapeutics, which focuses on the development of pharmaceuticals to address the needs of patients with renal and vascular diseases, has 16.59M shares outstanding. At close on Monday, the biopharmaceutical company had a market capitalization of $164.28M and PRTO stock one-year range was from $4.90 to $16.48 per share.
Achaogen Inc. (Nasdaq:AKAO) stock climbed over 10% to reach a fresh one-year high in pre-market trading Tuesday after brokerage firm Needham upgraded the company from a Hold to a Buy rating with a price target of $19.00 per share.
On Monday, AKAO stock soared 148.19% (or +$7.78) to $13.03, following positive results from its late-stage trial of plazomicin.
Achaogen, which discovers, develops, and commercializes antibacterials to treat multi-drug resistant (MDR) gram-negative infections, has 27.45M shares outstanding and market capitalization (intraday) of $357.69M. AKAO stock 52-week range was between $2.59 and $13.50 per share on Monday.
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