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Innate Immunotherapeutics up 39% backed by strong traded volumes

By midday Innate shares were changing hands for $0.061 a share.
Innate was top of the ASX leader board

Speculative buying drove shares in Innate Immunotherapeutics Ltd (ASX:IIL) 39% higher Tuesday.

The rise was coupled with a marked spike in traded volumes in a stock that has been crushed of late following a negative result from the phase IIb clinical trials of its multiple sclerosis drug.

By midday Innate shares were changing hands for $0.061 a share.


Stock crushed by negative trial result

However, this will come as little consolation to investors who bought immediately before the trial results read-out June 27 when the shares were $0.75 each.

The company was blunt and upfront when it said the drug showed “no clinically meaningful or statistically significant outcomes in measures of neuromuscular function or patient-reported outcomes”.

Further analysis is of its treatment, MIS416, is ongoing. However, the company said it is unlikely this will significantly alter the initial result.

Coming back from a trading halt in late June the price nose-dived more than 90%.

At its peak in February, the company was worth almost A$400 million. Today its market capitalisation is A$13.5 million, which minus the A$6 million cash it has on its balance sheet gives an enterprise value of just north of A$7 million.

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