SLGL - Here's Why Sol-Gel Technologies Stock Is Soaring Today
Shares of Sol-Gel Technologies (NASDAQ: SLGL) rose as much as 36.2% today after the company announced positive results for its acne treatment Twyneo in multiple phase 3 clinical trials. The drug candidate met all three primary endpoints at the 12-week mark across both studies, including the number of patients achieving significantly clearer skin and significant reductions in both inflammatory and noninflammatory lesions.
Sol-Gel Technologies expects to file a new drug application (NDA) with the U.S. Food and Drug Administration (FDA) for Twyneo in the second half of 2020. It was already planning on submitting an NDA for its rosacea drug candidate Epsolay, which gives investors plenty to look forward to in the new year.
As of 11:25 a.m. EST, the pharma stock had settled to a 23.8% gain. Shares have gained 86% in the last five trading days.