Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading
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.
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
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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