Here is why Hoth Therapeutics Inc. (HOTH) stock skyrocketed on Tuesday?

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BIIB Stock
BIIB Stock

Hoth Therapeutics Inc. (HOTH) shares declined 4.62% in after-hours on Tuesday, January 04, 2021, and closed at $1.24. However, in the regular trading session, HOTH’s stock skyrocketed and gained 84.50%. The stock volume remained 267.24 million shares. HOTH shares have fallen 43.48% over the last 12 months, and they have moved up 93.71% in the past week. Over the past three months, the stock has gained 14.04%, while over the past six months, it has declined 7.80%.

Let’s have a look at its recent news and developments.


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HOTH presented HT-ALZ data

On January 4, 2022, Hoth Therapeutics, Inc. announced proof-of-concept data generated using an Alzheimer’s disease mouse model, supporting the therapeutic potential of HT-ALZ. HT-ALZ is therapeutic in development under the 505(b)(2) regulatory pathway for the treatment of dementia-related to Alzheimer’s disease (AD).

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The initial data from these studies show a significant decrease in Aβ in both male and female APP/PS1+/- mice after acute treatment with HT-ALZ, compared to placebo-treated animals and baseline Aβ levels, supporting that HT-ALZ has the potential to modify Aβ plaque formation in the brain and be developed as an AD therapeutic.

AD is a neurodegenerative disease that is characterized by aggregates of amyloid β (Aβ) plaques and neurofibrillary tangles of Tau protein in the brain, which contribute to the clinical symptoms of the disease such as dementia.

HOTH ODD request for HT-KIT

On December 21, 2021, Hoth Therapeutics, Inc. submitted an Orphan Drug Designation Request to the US Food and Drug Administration (FDA) for HT-KIT for the treatment of mastocytosis.

HT-KIT is an antisense oligonucleotide that targets the proto-oncogene cKIT by inducing mRNA frameshifting, resulting in the apoptosis of neoplastic mast cells.

HOTH agreement with Zylö Therapeutics

On December 8, 2021, Hoth Therapeutics, Inc. entered into an agreement with Zylö Therapeutics (“Zylö”) to license its novel cannabinoid therapeutics, HT-005 for lupus patients, back to Zylö.

On this occasion, Hoth’s CEO, Robb Knie said that the licensing of HT-005 back to Zylö after proving its efficacy and safety in animals is a win-win for both companies. He further said that the company is pleased to receive both further equity in Zylö and the potential upside through royalties.

Phase 1b Human Trial of BioLexa

On November 30, 2021, Hoth Therapeutics, Inc. (HOTH) began the enrollment and dosing, in its first human clinical trial, for the second cohort, investigating topical BioLexa for the treatment of mild to moderate atopic dermatitis, also known as eczema.

The company is conducted trials in Australia where patient enrollment is going on for phase 1.

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Conclusion

The HT-ALZ positive data presentation was the catalyst behind its massive surge in the regular trading session on Tuesday. It faced a minor decline in the after-hours but it is common after such massive gains. We can expect it to further climb in the coming trading sessions on Wednesday.

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