Tyme Technologies (NASDAQ:TYME) Stock Turns Volatile: How to Trade Now?
Emerging biotechnology firm Tyme Technologies (NASDAQ:TYME) on July 26th, 2021 announced receiving notification that US Patent and Trademark office approved additional patent claims pertaining to the firm’smetabolomic technology platform. The company’s shares spiked by over 30% on Monday.
The patent, Patent No. 11,058,638, entails targeted delivery of therapeutics to cancer cells. The company has made a technology, which can combine tyrosine isomer racemetyrosine (α-methylparatyrosine) with second therapeutic agent to create a fusion compound allowing targeted delivery to cancer cells in a unique way.
Steve Hoffman, Tyme’s Chief Scientific Officer, said that the technology can give the firm a chance to expand its current approach with a platform, which can deliver therapies in a targeted manner improving efficacy for a number of anticancer drugs.
Its CEO Richie Cunningham said that that the delivery technology demonstrates the company’s innovative spirit. He added that if the approach is proven correct, it can be a broadly leveraged platform technology.
Delivery technology, currently unapproved in the US for disease indication, means that the company will initiate further studies this year. The company had come out with quarter 4 resuts as well as full financials for fiscal 2021 last month. It had also given a pipeline update last month.
Market Reaction:
On Monday, TYME stock soared 27.78% at $1.38 with more than 302.84 million shares, compared to its average volume of 2.72 million shares. The stock has moved within a range of $1.3800 – 2.0200 after opening the trade at $1.68. Over the past 52-week, the stock has been trading within a range of $0.8500 – 4.9900.
