RDHL - Why Is Redhill Biopharma (RDHL) Stock Up 32% Today?
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Redhill Biopharma (NASDAQ:RDHL) stock is rocketing higher on Friday after getting positive patent news from the U.S. Patent and Trademark Office (USPTO).
The USPTO issued a Notice of Allowance that grants the company a patent for RHB-204’s treatment methods. This is the company’s treatment for pulmonary Mycobacterium avium Complex (MAC) disease.
To go along with that, the patent covers the kits containing fixed-dose combination products to treat MAC. Redhill Biopharma says this patent would offer protection for RHB-204 through 2041.
RHB-204 is currently undergoing a Phase 3 clinical trial. Redhill Biopharma is also already in discussions with several possible partners for the distribution of the drug across different territories.
What This Means for RDHL Stock
Redhill Biopharma getting patent protection for one of its treatments is a win for investors. It means the company likely won’t have to deal with a generic version of its treatment until the protection wears off.
Also, the patent filing suggests Redhill Biopharma is expecting positive news from the Phase 3 clinical trial. If those results are good, investors could see shares of RDHL stock undergo another rally. The same would likely be true if it announces partnerships for different territories.
Today’s news has RDHL stock seeing heavy trading too. As of this writing, more than 17 million shares of the stock have changed hands. For the record, its daily average trading volume is about 3.4 million shares.
RDHL stock is up 31.7% during pre-market trading on Friday.
Investors seeking more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the most recent stock news traders need to know about on Friday! That includes this morning’s biggest pre-market stock movers, as well as the latest coverage of Occupy SEC 2023 and Akanda (NASDAQ:AKAN) stock. You can find out more on these matters at the links below!
More Friday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
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- Why Is Akanda (NASDAQ:AKAN) Stock Up 200% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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