Galmed Pharmaceuticals Ltd. (GLMD) shares surged 57.40 percent, gaining $0.3573 to $0.9798 on Thursday, after the company announced a breakthrough brain-penetrating formulation of its lead drug candidate Aramchol for central nervous system diseases.
The stock is currently trading at $0.9798 versus its previous close of $0.6225, after opening at $1.1600 on the Nasdaq. Shares traded in a range of $0.9770 to $1.2600 during the session, with volume reaching 116.71 million shares, sharply above the average daily volume of 50,165.
The company said the new lipid nanoparticle formulation, developed with Barcode Nanotech, is designed to help Aramchol cross the blood-brain barrier and target neurodegenerative diseases including Parkinson's disease and dementia. Galmed's 52-week range is $0.4110 to $2.68.
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