When pharmaceutical giant Pfizer Inc. (NYSE: PZE) has you on their radar, chances are investors are due for a big pay day. With the Tuesday’s surge in the penny stock of Lpath Inc. (OTC: LPTN), it’s time to get them on your radar and get them there fast. LPTN stock price shot up to as high as 0.84 Tuesday before closing up 18.90% at 0.8192. Almost $200,000 in volume was traded in the therapeutic antibody company. The current price of Lpath’s stock is right around the same level it was when investors dumped it in January when the Company temporarily suspended dosing patients in its PEDigree and Nexus trials.
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LPTN Stock Chart
Market Cap: 60.39M
Price/Sales (ttm): 6.45
Price/Book (mrq): 8.36
(Jan 26, 2012): 1.40
(Jun 14, 2012): 0.65
Avg Vol (3 month): 100,170
Avg Vol (10 day): 129,057
Shares Outstanding: 73.72M
% Held by Insiders: 6.51%
% Held by Institutions: 8.70%
In late April, Lpath received official notification from the USPTO that it had been issued a key patent protecting Lpathomab™, a monoclonal antibody against lysophosphatidic acid. It was the Company’s first Lpathomab patent and an essential step in the product’s development.
Prior to that in January, Lpath temporarily suspended dosing patients due to evidence that 3rd party vendor was not in compliance with the Food and Drug Administrations`s current Good Manufacturing Practice requirements while the iSONEP™ clinical vials were filled. Spokespersons from both Lpath and Pfizer admitted they were more than surprised to find out that the FDA had reached far enough into the iSONEP™ trials that were being tested as a treatment for wet AMD (Nexus) and a related complication called Pigmented Epithelial Detachment (PEDigree). The FDA, upon their findings of the 3rd party’s actions, ordered that dosing be stopped.
When reviewing the SEC filings for Lpath, there are indications that the Company plans to open both trials for enrollment again, as early as Q3 of 2012. One analysts firm, although not a major Wall Street player, issued an $8 price target for LPTN stock in September, 2011 based on the fact that an estimated 10 million people in the U.S. alone suffer from AMD (Nexus). (see here)
About LPTN Stock
Lpath Inc., a therapeutic antibody company, is the category leader in lipidomics-based therapeutics, an emerging field of medicine that targets bioactive signaling lipids for treating a wide range of human disease. Lpath’s ImmuneY2™ drug-discovery engine has the unique ability to generate therapeutic antibodies that bind to and inhibit bioactive lipids that contribute to disease.
The company has developed three drug candidates, two of which — iSONEP™ for wet AMD and ASONEP™ for cancer — have completed Phase 1 clinical trials. Lpath entered into an agreement with Pfizer Inc. (NYSE: PZE) in 2010 that provides Pfizer an exclusive option for a worldwide license to develop and commercialize iSONEP.
Bottom Line: Biotech and Biopharma penny stocks are long holds the majority of the time since these companies require funding and time to get their products tested and to market. LPTN is in a much different position considering that a) Pfizer is already in bed with them, and b) Lpath reported having nearly $18 million in cash and revenues of $2.75 million for Q1 ended March 31, 2012.
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