Alpha Beta Shares Rise On Betafectin Hopes
Shares in the US company, Alpha Beta Technology, moved up 12% ($1.125)to $10.50 on June 2, ahead of the release of clinical data on its carbohydrate drug, Betafectin (PGG-Glucan), which is used for the treatment of serious infections in patients after surgery.
Rachel Leheny of Hambrecht & Quist noted that the stock price rise was probably due to investor anticipation of the late-stage trial data, which are expected in late June or early July. Marc Ostro of UBS agreed, noting that as the event gets closer, "people start speculating." The company says it plans to announce the results within two weeks of a review by an independent panel on June 24-25.
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