SEV - Why Is Timber Pharmaceuticals (TMBR) Stock Up 61% Today?
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Timber Pharmaceuticals (NYSEMKT:TMBR) stock is taking off on Friday after getting an orphan drug designation in Europe.
That comes from the EC and covers TMB-001 for the treatment of X-linked recessive ichthyosis. This is Timber Pharmaceuticals’ lead candidate for that treatment with the drug currently undergoing a global Phase 3 clinical trial.
TMB-001 is a topical isotretinoin created with the company’s patented IPEG delivery system. It’s designed to treat CI, which is a group of rare genetic keratinization disorders. This causes patients to have dry, thick, and scaly skin.
John Koconis, chairman and CEO of Timber Pharmaceuticals, said the following about the news.
“We believe the targeted delivery of therapies to the epidermis and dermis may be able to minimize systemic absorption and we are committed to bringing a potential new treatment option to this rare disease community.”
What The Future Holds For TMBR Stock
Getting orphan drug designation is already a win for TMBR stockholders. However, further gains could come in the future if its Phase 3 clinical trial goes well. That would likely lead to the commercialization of the drug.
This idea has investors buying up shares of TMBR stock, which has it seeing heavy trading too. As of this writing, more than 38 million shares of the stock have changed hands. That’s a massive surge in trading volume compared to the company’s daily average of about 105,000 shares.
TMBR stock is up 60.7% as of Friday morning.
There’s more stock market news worth diving into below!
We’ve got all of the latest stock coverage traders need to know about for Friday! A few examples include what’s happening with shares of Fisker (NYSE:FSR), Sono Motors (NASDAQ:SEV), and Bridger Aerospace (NASDAQ:BAER) stock. You can read up on all that news at the links below!
More Friday Stock Market News
- FSR Stock Alert: What to Know About Fisker’s Partnership With ChargePoint
- Sono Motors (SEV) Stock Plunges After Terminating Solar EV Program
- Why Bridger Aerospace (BAER) Is the Latest Meme Stock
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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