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BioLine RX rockets on heavy volume after ‘strikingly positive’ trial data on cancer treatment

Shares of BioLine RX Ltd.
BLRX,
+1.59%

rocketed 60% toward a 2-year high in very active trading Tuesday, enough to pace all of the premarket gainers, after the biopharmaceutical company announced positive results from a Phase 3 trial of its treatment for multiple myeloma patients. Trading volume ballooned to 17.2 million shares, compared with the full-day average of about 463,000 shares over the past 30 days, according to FactSet. The company said the Phase 3 trial evaluating Motixafortide, in combination with granulocyte colony stimulating factor, for hematopoietic stem-cell mobilization for autologous bone marrow transplantation met all of its primary and secondary endpoints with “exceptionally high level” of statistical significance. “These strikingly positive data significantly exceeded our expectations, and are truly transformational for our company,” said Chief Executive Philip Serlin. The stock, which is on track to open at the highest price seen since July 2019, has lost 5.9% over the past three months through Monday, while the iShares Nasdaq Biotechnology ETF
IBB,
+0.01%

has declined 6.9% and the S&P 500
SPX,
+0.27%

has gained 8.3%.

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