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.