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ValiRx Share Price Surged 7.45% Today, Here’s Why

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Simon Mugo

Shares of ValiRx Plc (LON: VAL) today surged 7.45% despite the lack of major announcements from the biotechnology company whose shares have fallen significantly since providing an update on the clinical trial of its VAL201 prostate cancer drug.

The drug showed 55% efficacy in the early-stage trial consisting of 11 participants showing that it warrants deeper clinical investigation.

However, investors interpreted the results negatively given that VAL201 is the company’s lead asset, which led to ValiRx’s share price falling 69.7% from a high of 72.90p on September 28 to a low of 22.10p.

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It’s hard to say when the company’s share price shall mount another rally unless we get a very positive trigger to fuel a move higher. At the moment, investors seem to be taking a cautious approach to Valirx’s shares until the firm announces better study results from the next stage of clinical trials.

Investors might be in for some sideways price action on Valirx shares until we get a major catalyst with the next move depending on whether the catalyst is a positive or negative development.

ValiRx share price

Tradingview chart of ValiRx share price 14102020

ValiRx shares today surged 7.45% to trade at 24.5p having risen from Tuesday’s closing price of 22.8p.

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Simon Mugo
Simon Mugo
Contributor

Simon ist Autor und Analyst für den Bereich Finanzwesen und blickt auf über sechs Jahre professionelle Erfahrung als Trader zurück. Er absolvierte einen Bachelor in Mathematik und Informatik und hat eine Leidenschaft für die Finanzmärkte. Simon handelt FX, Rohstoffe und Aktien. Er konzentriert sich auf Price Action Trading.