Histogenics Corporation (NASDAQ: HSGX)
Histogenics Corporation (HSGX), a regenerative medicine company yesterday announced the publication of their MRI data from Neocart’s phase 1 and phase 2 clinical trials. The data was published in the American Journal of Sports Medicine and the data showed statistically siginificant improvement in cartilage quality over the first 24 months of treatment. Which shows the potential to provide a quicker and more long lasting recovery for patients with cartilage problem in their knees.
Histogenics Corporation CMO’s Comments
“We are very pleased with the results of the clinical trials conducted to date and want to thank our investigators and patients for their participation. We believe this is an area in need of a better alternative for patients who are seeking new options to repair cartilage defects that potentially offer both a more rapid recovery and durable response over time with fewer repeat surgeries,” stated Gloria Matthews, Chief Medical Officer of Histogenics. “We believe the MRI data, while limited in the number of patients, provide additional confirmatory evidence of previously reported clinical efficacy outcomes, and demonstrate the potential benefits to patients with cartilage defects. We are looking forward to the availability of additional data from the continuing development of this promising treatment alternative,” continued Dr. Matthews. Globe Newswire
HSGX Technical Analysis
HSGX opened trading yesterday at $1.54 which was exactly the same as the previous day’s trading close. HSGX closed trading yesterday at $1.52 and spiked up after market to $2.20, equivalent to a 47% increase from the closing price. Taking a look at the daily chart we can see that the last time HSGX traded above these levels we have to go back to November 22nd, 2016 when it traded at $2.25. Taking a closer look at the daily chart we can see that before the spike up HSGX had been in an overall downward trend dating back to September 8th, 2016 when it traded at $4.01.
HSGX has a float of 3.87 million shares and traded 1.6 times the normal daily trading volume on Wednesday. For trading purposes, I would like to see HSGX open trading on Thursday above $2.00 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
Histogenics Corporation, a regenerative medicine company, focuses on developing and commercializing products in the musculoskeletal segment of the marketplace. Its product candidate includes NeoCart, which is in Phase III clinical trials, intended to treat tissue injury in the field of orthopedics, specifically cartilage damage in the knee. The company has an exclusive channel collaboration agreement with Intrexon Corporation for the development and commercialization of allogeneic genetically modified chondrocyte cell therapeutics for the treatment or repair of damaged articular hyaline cartilage in humans. Histogenics Corporation was founded in 2000 and is headquartered in Waltham, Massachusetts. Yahoo Finance
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