Aquinox Pharmaceuticals reported earnings on Friday and its shares skyrocketed by 400% on news that it has completed a positive trial for a drug that treats bladder pain syndrome.
On Monday, the stock spiked 365% and according to Business Insider, “It’s now up about 2000% from Thursday’s closing price of $1.79 per share.”
Pharma companies often report huge spikes in share prices when their biggest and most promising drugs pass through important human trials without a hitch. However, the stock market also reacts, causing trading to stop for short periods of time when shares hit “circuit breaker limits,” which are put in place to help reduce volatility.
Aquinox Pharmaceuticals now has a market valuation of $422 million.