FNCH - Why Finch Therapeutics Stock Is Skyrocketing Today
Shares of Finch Therapeutics Group (NASDAQ: FNCH) were skyrocketing 35.7% higher as of 11:32 a.m. ET on Friday. The huge gain came after the company announced that the U.S. Food and Drug Administration (FDA) has removed a clinical hold on the investigational new drug (IND) application for CP101. Finch Therapeutics is evaluating the experimental drug in preventing recurrent C. difficile infection (CDI).
Finch Therapeutics and the FDA have gone back and forth for a while about SARS-CoV-2 screening protocols with the clinical testing of CP101. The agency first placed a partial clinical hold on the CP101 program in 2020.
The clinical hold was like a dark cloud hovering over Finch. The biotech stock had fallen more than 80% from its peak over the past 12 months prior to today's news.
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Why Finch Therapeutics Stock Is Skyrocketing Today