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Stock Alert: PhaseBio Shares Jump 82% In Late Trade On FDA Nod For COVID-19 Clinical Trial

Shares of PhaseBio Pharmaceuticals Inc. (PHAS) climbed $3.63 or 82.13% to $8.05 in the extended trading session on May 27, after the company announced FDA authorization to proceed with VANGARD, a potentially pivotal clinical trial to evaluate PB1046 as a treatment for hospitalized COVID-19 patients who are at high risk for rapid clinical deterioration and acute respiratory distress syndrome or ARDS.

Having received FDA clearance to initiate the VANGARD trial, PhaseBio expects to begin dosing patients by the end of June. Subject to the pace of enrollment and any further impacts from the COVID-19 pandemic, PhaseBio is targeting to report trial results late in the fourth quarter of 2020.

Based on feedback from the FDA, PhaseBio believes that positive, clearly interpretable and clinically meaningful results from this trial might enable PhaseBio to submit a Biologics License Application.

The stock has been trading in the range of $2.60 - $14.08 for the past one year, and closed Wednesday's trade at $4.42, down 7 cents or 1.56%. Trading volume surged to 3.64 million versus an average volume of 317K shares.

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