Longeveron Inc (NASDAQ: LGVN) rallied another 50% on Thursday as investors continued to celebrate the positive update of its Lomecel-B study.
Why is it significant for Longeveron stock?
The biotech firm reported encouraging investigator data from the said Phase 2 trial on Tuesday. Lomecel-B is its candidate treatment for hypoplastic left heart syndrome (HLHS).
Note that the ELPIS II study is still ongoing. Ram Kumar – the principal investigator of that clinical trial said in a press release today:
Lomecel-B clinical data is highly encouraging and suggests it has the potential to be a new, additive treatment option for physicians and their patients dealing with HLHS.
Hypoplastic left heart syndrome requires excessive surgeries and still proves quite often to be fatal. Longeveron stock has now roughly tripled in about two days.
CMO Agafonova’s remarks on ELPIS II update
At least seven healthcare institutions participated in the Longeveron’s Phase 2 trial of Lomecel-B as HLHS treatment.
Lomecel-B helped infants survive without the need of a transplant for up to five years in the ELPIS I study – significantly better than the historical control data that suggests about a 20% mortality rate. According to Nataliya Agafonova – chief medical officer of Longeveron Inc:
We believe the data generated to date in HLHS support potential for Lomecel-B as a regenerative medical therapy to help these infants.
$LGVN is on track to finish enrolling the required number of participants for the study by the end of 2024. Longeveron shares are still trading at a fraction of their price at the start of this year.
$LGVN shares see a massive surge in trading volume
Longeveron share price is continuing its move up this morning with a sharp increase in trading volume.
At writing, more than 35 million shares of the biotech firm have exchanged hands on Thursday versus its average daily trading volume of only about 3.3 million.
Despite massive returns in recent days, we’d recommend caution as Longeveron Inc is somewhat of a penny stock that makes it vulnerable to very high volatility and even manipulation.
The Lomecel-B update arrives about a month after $LGVN reported $0.5 million in revenue for its first financial quarter – up from $0.3 million a year ago. The Nasdaq-listed firm narrowed its net loss from $4.6 million to $4.1 million in Q1.
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