Cocrystal Pharma, Inc. (COCP) shares surged 50.98 percent, up $0.52 to $1.54 on Thursday, after the U.S. Food and Drug Administration granted Fast Track designation to CDI-988, the company's oral antiviral candidate for treatment and prevention of norovirus infection.
The stock is currently trading at $1.54, above its previous close of $1.02, after opening at $1.70 on the Nasdaq. Shares traded in a range of $1.66 to $2.0299 during the session, with volume surging to 74.12 million shares, far above the average daily volume of 0.06 million.
The Fast Track designation allows more frequent communication with the FDA, rolling review of a future New Drug Application, and potential Priority Review. CDI-988 is currently being evaluated in a Phase 1b norovirus challenge study at Emory University School of Medicine as the company aims to develop the first oral antiviral therapy targeting norovirus infections.
Cocrystal Pharma's 52-week range is $0.86 to $2.67.
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