Shares of Xenetic Biosciences Inc.
skyrocketed on massive volume toward a 17-month high in morning trading Wednesday, after the Massachusetts-based biopharmaceutical company said its partner PJSC Pharmsynthez provided “positive” data from a Phase 3 trial of its treatment for anemia patients with kidney disease. The stock blasted 349.4% higher on volume of 140.3 million shares, which was enough to make it the most actively traded on major U.S. exchanges, and compared with the full-day average of about 327,366 shares. PJSC’s Phase 3 study leverage’s Xenetic’s PolyXen platform technology designed for protein or peptide therapeutics, and enables biological drugs by prolonging their circulating half-life and potentially improving other pharmacological properties. “The PolyXen platform continues to demonstrate broad utility and ability to modulate the pharmacokinetic and pharmacodynamic profiles of protein drugs,” said Xenetic Chief Executive Jeffrey Eisenberg. “We are pleased with the positive results Pharmsynthez has reported and we look forward to the outcome of their registration filing in Russia for Epolong, which they expect to submit in 2021.” Xenetic’s stock, which was on track to close at the highest level since July 2019, has now more than tripled (up 237.0%) year to date, while the iShares Nasdaq Biotechnology ETF
has rallied 24.5% and the S&P 500
has gained 14.4%.