Published Date : Aug 14, 2015
Johnson & Johnson and Pfizer have both cut off their affiliation with Aquinox Pharmaceuticals by pruning their holdings following the recent run-up in Aquinox’s shares. Shares of Aquinox jumped to US$55.75 on August 10 from US$1.79 per share on the 6th of August.
The hike in its shares was observed after Aquinox Pharmaceuticals announces its positive results in its phase 2 trial with AQX-1125 for curing bladder pain syndrome /interstitial cystitis.
The quarterly earnings of Aquinox Pharmaceuticals have also improved as compared to the last year. The company announced that its net losses had declined to US$4.8 million from US$5.4 million in the second quarter of this year as compared to the previous year. The company, at the end of this quarter, had finances that count to US$29 million in cash, investments, and cash equivalents.
Providing further details about the AQX-1125 results, the company has said that the results show an encouraging trend in reduction of pain for bladder pain syndrome /interstitial cystitis patients as compared to placebo. Nearly 49 per cent of the patients also achieved a clinically defined reduction in pain.
The company has observed significant action after its shares skyrocketed in the mere span of four days. After the record jump to US$55.75, company’s shares fell to $18.88 at the end of trading on Monday. On Tuesday, the shares of Aquinox again observed a new feat – an all time closing high at US$21.01.
Interestingly, the shares of the company were being bought by momentum and aggressive high frequency traders in the last few days even when the shares were being pruned by one of the largest shareholders of the company. Johnson & Johnson had disposed of nearly 1,514,821 Aquinox shares at an average price of US$22.41 in the past few days.