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A biotech stock just rocketed 608% after announcing positive phase 3 trial data - Business Insider

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A biotech stock just rocketed 608% after announcing positive phase 3 trial data

C. difficile is a bacterial infection of the colon that leads to inflammation and can be deadly.

Shares of Seres rocketed as much as 608% to $33 on Monday. Investors seem to be impressed by the results. According to Seres, SER-109 was well tolerated by its trial participants and the drug led to a 30% decline in the recurrence of C. difficile relative to the placebo. The biotech's market valuation soared from $354 million as of Friday's close to more than $1.5 billion as of Monday afternoon, according to data from YCharts.com.JPMorgan says buy these 19 'diamond in the rough' stocks that have plunged from yearly highs, but are spring-loaded for huge gains ahead

Meanwhile, some investors were betting on the opposite outcome for Seres' clinical trial data. According to ShortSqueeze.com, as of Monday the percentage of shares sold short stood at 17.7%, or 7.4 million shares. The shares sold short that represented a market value of $43.7 million on Friday represented a market value of as much as $245.5 million at Monday's high. That indicates a loss of as much as $201.8 million, assuming no shares sold short were bought back to cover.four years earlier for the same drugSeres said it will meet with the FDA to talk about filing for product approval "as soon as possible," according to the news release.

 

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