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Scopus Biopharma (SCPS) Stock Skyrockets After IND Approval

Sam Boughedda trader
Updated 24 May 2021

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SCPS

Scopus Biopharma's (NASDAQ: SCPS) share price has rocketed on Monday after the company announced the approval of an investigational new drug application (IND) by the United States Food and Drug Administration (FDA).

The approval is for the biopharmaceutical company's lead drug candidate, CpG-STAT3siRNA, an immuno-oncology RNA therapy for the treatment of multiple cancers.

A Phase 1 clinical trial for B-cell non-Hodgkin lymphoma will now be initiated by Scopus at City of Hope, a world-renowned independent research and treatment centre for cancer, diabetes and other life-threatening diseases.

Scopus Biopharma's stock price had been trading around the $5 level since early May but has today run to highs of $19.95. It is currently trading at $15.26, up 156% from Friday's close of $5.96.

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.Â