Molecular Insight Pharmaceuticals, Inc. (NASDAQ: MIPI) is soaring and soaring his morning as the biggest gainer in some time. After teh close last night, the company disclosed that results from a completed Phase 2 clinical trial of Onalta were published in the Journal of Clinical Oncology showing that treatment with Onalta improved symptoms associated with metastatic carcinoid tumors, which are called neuroendocrine tumors of the GI tract and bronchus, in objective tumor response or stable disease in 67 (74.4%) of 90 patients with metastatic carcinoid refractory to octreotide therapy. Median progression-free survival and overall survival were 16.3 and 26.9 months, respectively.
If you think that the chase for ten-baggers is over in biotech on good cancer news, guess again… At 8:43 AM EST we have shares up a whopping 180% at $4.20 after a close of $1.50 yesterday. Average volume is only 350,000 shares, yet we have seen almost 700,000 shares trade hands in the pre-market. As far as whether or not the stock is up too much or not enough based on historic prices…. Its 52-week trading range is $1.05 to $7.90. If the new exponential gains hold up, the company will have a market cap of more than $100 million again.