Vascular Biogenics Ltd (NASDAQ:VBLT)
Vascular Biogenics Ltd. (VBLT), a clinical-stage biopharmaceutical company yesterday announced positive results from the Data Safety Monitoring Committee (DSMC) of the company’s phase 3 GLOBE trial of VB-111.
The DSMC is an independent group that reviews the safety concerns and provides recommendations for trial continuations. VB-111 is a biologic agent that targets solid tumors. The committee unanimously recommended the study should be continued as planned.
Vascular Biogenics Ltd.CEO’s Comments
“We are pleased with the outcome of the DSMC,” said Dror Harats, Chief Executive Officer of VBL Therapeutics. “Based on enrollment trends and events that triggered the DSMC review, we currently expect the GLOBE Trial interim analysis to occur in mid-2017, and top-line results from the full dataset to be available in early 2018.” Globe Newswire
VBLT Technical Analysis
Vascular Biogenics
VBLT opened trading yesterday at $5.15 which was down from the previous day’s trading close of $5.20. VBLT closed trading yesterday at $5.20 and spiked up after market to $6.05, equivalent to a 16% increase from the closing price.
Taking a look at the daily chart we can see that the last time VBLT traded above these levels we have to go back to March 13th when it traded at $6.10. Taking a closer look at the daily chart we can see that before the spike up VBLT had been in an overall downward trend dating back to March 10th when it traded at $6.25. VBLT has a float of 8.32 million shares and traded below the normal daily trading volume on Thursday.
For trading purposes, I would like to see VBLT have high relative volume and open trading on Friday above $7.75, and if it does, I would be looking to take a long position at the bell. My stop loss would be $0.10 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
Company Profile
Vascular Biogenics Ltd., a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of treatments for cancer.
The company’s program is based on its proprietary vascular targeting system platform technology, which utilizes genetically targeted therapy to destroy newly formed or angiogenic blood vessels.
Its lead product candidate is VB-111, a gene-based biologic that is in Phase III clinical trials for the treatment of recurrent glioblastoma, an aggressive form of brain cancer; and has completed Phase II clinical trials for recurrent platinum-resistant ovarian cancer, as well as for iodine-resistant differentiated thyroid cancer. T
he company’s pipeline candidates also comprise VB-511, an anti-angiogenic candidate for oncology; and VB-211 and VB-411, which are pro-angiogenic candidates for the treatment of peripheral vascular diseases.
The company was formerly known as Medicard Ltd. and changed its name to Vascular Biogenics Ltd. in January 2003. Vascular Biogenics Ltd. was founded in 2000 and is headquartered in Or Yehuda, Israel.