Health
Biotech Firm Pops 677% on Social Anxiety Spray Trial Success
- Vistagen’s nasal spray met trial goal in public-speaking test
- Company plans an additional late-stage study of fasedienol
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A beaten down micro-cap biotech company, Vistagen Therapeutics Inc., notched its best day ever, surging by as many as four digits after its experimental nasal spray for social anxiety disorder hit targets in a late-stage trial.
The drug developer’s stock soared a record 1,370% intraday — before paring gains to close up 677% at $13.05, the highest level in over a year. The unexpected success pushed the stock’s market value to $104 million, a level it had been trading below for the better part of a year amid a broad market selloff in risky assets and a prior trial setback.