- The stock price of Odonate Therapeutics Inc (NASDAQ: ODT) increased by 12.14% unexpectedly. These are some detail about the company you should know about.
The stock price of Odonate Therapeutics Inc (NASDAQ: ODT) increased by 12.14% unexpectedly. When Odonate Therapeutics launched, the pharmaceutical company intended to develop therapeutics for the treatment of cancer.
And the company was developing tesetaxel, which is an orally administered chemotherapy agent. Tesetaxel went through a Phase III clinical study for patients with metastatic breast cancer.
But in late March, Odonate Therapeutics said it was going to discontinue the development of tesetaxel and will wind down the operations of the company.
This decision was made following feedback from the FDA in a pre-New Drug Application meeting. And the company had concluded that the clinical data package for tesetaxel was unlikely going to support FDA approval. That is why the stock price increase was unexpected.
Odonate Therapeutics was a target of unusual options trading today. Specifically, investors bought 25,375 call options on the stock, which was an increase of 2,954% compared to the average volume of 831 call options according to American Banking And Market News.
The unusual call options made investors speculate that insiders might know something. Due to this speculation, investors appear to be buying on potential rumors. Many investors also bought shares in order to send a message to short sellers. The short float on the company today was about 7%.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.