Alzamend Neuro Inc. (ALZN) stock fell by 5.84% in the after-hours, as it began shedding its gains of the previous session. After gaining over 28.3% in regular trading, the stock came under corrections in the aftermarket on Tuesday.
During the regular trading session, the stock fluctuated between $2.48 and $3.16 at 57.07 million shares. After closing the session at $3.08, the stock fell down to $2.90 at an after-hours’ volume of 2.92 million.
The preclinical biopharma, Alzamend Neuro Inc. has a market capitalization of $213.24 million. Currently, the company has 88.85 million shares outstanding in the market.
ALZN stock Movement
With no recent news, the stock seemed to have gained on its upcoming clinical data release for ALZN’s Alzheimer’s treatment. As per the previous announcement, the company is set to release the clinical data in mid-to-late December 2021. Hence, the anticipation had the stock rally big in Tuesday’s regular session.
Tuesday’s hike has put the stock’s five-day gains at 43.93%, while it has added 35.68% last month. Moreover, ALZN stock has added a value of 15.79% in the past three months.
In conclusion, after gaining big in the regular session, the stock fell under corrections in the after-hours, to shed its gains.
Clinical Trial of AL001
On November 30, the company announced that its AL001’s clinical trial topline data will be delivered mid-to-late December 2021. The company has been conducting a Phase 1 clinical trial for AL001 for dementia related to Alzheimer’s. Furthermore, the purpose of the phase 1 study is to conclude clinically safe and appropriate dosing for AL001 for upcoming studies.
The company’s CEO, Stephan Jackman shared his views of the upcoming data’s usefulness for patients suffering from Alzheimer’s and other such diseases. According to him, over 40 million people suffer from Alzheimer’s other neurodegenerative, psychiatric disorders in the U.S. Hence, with positive expectations, ALZN hopes to provide treatment to the huge number of people who are suffering.
FDA’s Pre-IND Response for ALZN’s AL002
Previously, the company received positive feedback from the FDA about its clinical development plan for AL002. AL002 is a Cell-B therapeutic vaccine with the potential of restoring immunological ability for combating Alzheimer’s.
As per September 30’s announcement, FDA agreed to ALZN’s proposal of a combined Phase ½ study.
Moreover, the company expects to submit IND for AL002 in the second quarter of 2022. Soon after which the combined Phase ½ trial will commence.
