Shares of the Hoth Therapeutics, Inc. (HOTH) stock were rising in the current market trading session today on January 4, 2022. HOTH stock prices saw a push of 89.47% to reach $1.34 a share at the time of this writing. The stock was also green in the previous trade and went up by 6.90% at closing. Let’s dig in to know the reason behind this bull.
What’s Happening?
HOTH stock continued the bullish momentum after the company announced the data for HT-ALZ Therapeutic. Hoth Therapeutics conducted the study at Washington University in St. Louis. HT-ALZ is intended to treat dementia related to Alzheimer’s disease. According to the initial data from the study, treatment of both male and female APP/PS1+/- mice with HT-ALZ resulted in a significant decrease in Aβ compared to placebo. The results support the potential of HT-ALZ to modify Aβ plaque formation in the brain.
The results are encouraging for both company and shareholders of the HOTH stock. Overall positive results are the big step in the development of HT-ALZ as a therapeutic for Alzheimer’s disease. Now the next task of the company is to observe the changes that happened due to HT-ALZ in mice. The company will observe the influence of these changes in behavior and cognitive function.
Previous News of HOTH stock
On December 21, 2021, Hoth Therapeutics confirmed the submission of an Orphan Drug Designation Request to the US Food and Drug Administration (FDA) for HT-KIT to treat mastocytosis. HT-KIT results in apoptosis of neoplastic mast cells via targeting proto-oncogene cKIT.
Drugs that treat orphan diseases are applicable for Orphan Drug Designation (ODD). The sponsor gets multiple benefits from ODD during the development and after approval.
Agreement with Zylö Therapeutics
On December 8, 2021, Hoth did announce that it had signed an agreement with Zylö Therapeutics to license its novel cannabinoid therapeutics, HT-005 for lupus patients, back to Zylö. HT-005 licensing back to Zylö is a win-win situation for both the companies as it proved its safety and efficacy in animals. Zylö will bear the further development cost for the therapeutics thus reducing the cost burden on Hoth stock.
Conclusion
So far so good for HOTH stock as far as market sentiment is concerned. The company is progressing in terms of its operations. In the past six months, the stock has lost 9.21%. In a nutshell, deep research is necessary before adding this stock to the portfolio.
