Chiasma Inc (CHMA) Stock Hits Multi-Month High: A Bullish Sign?
A stock moving strongly despite there being no news about the company is not an uncommon occurrence at the stock markets. In such a situation, investors need to look a bit more closely into the company to make up their minds and that is what they could be doing with Chiasma Inc (NASDAQ:CHMA).
This past Friday, the Chiasma Inc stock soared by as much as 9%. Since there was no news, it might be a good move to look into an announcement made by the company back in May with regards to its product MYCAPSSA.
On May 27, the company had announced the patient reported outcomes data from the Phase 3 MPOWERED trial of the product. The data revealed that patients who had been suffering from acromegaly displayed much improved results when compared to long acting injectable medicines. It goes without saying that these were encouraging development for Chiasma and may have brought it to the attention of many investors.
In addition to that, the company also presented the data from this particular trial at two virtual conferences. While no news has emerged about the company, it could be argued that it might be the right time for investors to track any news about Chiasma this week.
Market Reaction:
On Friday, CHMA stock jumped 9.43% to $4.76 with more than 12.85 million shares, compared to its average volume of 3.04 million shares. The stock has moved within a range of $4.3400 – 4.9300 after opening the trade at $4.38. Over the past 52-week, the stock has been trading within a range of $2.7700 – 6.2550.
