PSTV Stock On Track For Best Week Since September — Here’s What Is Driving The Rally

• Plus has appointed Eric J. Daniels as its chief development officer, effective April 20.
• The company also received FDA‘s green light to evaluate REYOBIQ in pediatric patients with high-grade glioma and ependymoma.

Shares of Plus Therapeutics Inc. (PSTV) rallied 24% on Friday on the heels of the company announcing the appointment of a new chief development officer (CDO) and the U.S. Food and Drug Administration granting its experimental therapy an orphan drug designation.

The stock is on track to record its best week since late September if the gains hold.

Plus Therapeutics announced a 1-for-25 stock split last month in a bid to meet Nasdaq’s requirements for minimum share price for continued trading on the bourse. The stock began trading on a post-split basis on April 2.

Houston, Texas-headquartered Plus has since announced that it has appointed Eric J. Daniels as its CDO, effective April 20. Daniels most recently was CDO at Kiora Pharmaceuticals, overseeing the company’s clinical, preclinical, and Chemistry, Manufacturing, and Controls (CMC) activities, Plus said.

The company also said earlier this week that the FDA has granted Orphan Drug Designation to its radiotherapeutic REYOBIQ for the treatment of pediatric malignant gliomas, or aggressive brain tumors.

Orphan Drug Designation is granted by the FDA to investigational therapies intended to treat rare diseases affecting fewer than 200,000 people in the United States. The designation provides several potential benefits including tax credits, fee waivers, and potential market exclusivity.

The company also said that it received FDA‘s green light to evaluate REYOBIQ in pediatric patients with high-grade glioma and ependymoma.

How Did Retail Traders React?

On Stocktwits, retail sentiment around PSTV stock stayed within the ‘extremely bullish’ territory over the past 12 months, while message volume rose from ‘high’ to ‘extremely high’ levels.

A Stocktwits user expressed pessimism about the company’s new CDO appointment, noting that Kiora shares slumped over the past year.

Yet another, however, said that the stock is very undervalued.

PSTV stock has dropped about 76% over the past 12 months. 

Read More: REPL Stock Lost 19% Of Its Value Today – Why Did The FDA Refuse Approval For Its Experimental Melanoma Drug?

For updates and corrections, email newsroom[at]stocktwits[dot]com.