Why Is Okyo Pharma (OKYO) Stock Up 13% Today?

Okyo Pharma (NASDAQ:OKYO) stock is on the rise Thursday as investors react to news about its Phase 2 clinical trial of OK-101.

OK-101 is the company’s drug candidate for the treatment of DED. Today’s news includes the clinical trial being posted on the ClinicalTrials.gov public website. This comes as it prepares to launch this phase of its study.

According to Okyo Pharma, it’s already working to activate clinical sites for the study. The company is also having OK-101 prepared for shipment to these locations. This has it expecting the first patient visit in the second quarter of 2023.

With the progress that Okyo Pharma is making, some investors are likely wondering when they’ll see results from this trial. If all goes well, the company intends to have the data ready to go in the fourth quarter of the year.

Gary S. Jacob, Ph.D., CEO of Okyo Pharma said the following about the news.

“We are excited to be very close now to moving this drug into its first clinical trial and believe that OK-101 can provide a new way to treat DED patients who are presently not well-served by currently approved drugs.”

OKYO Stock Movement On Thursday

Investors are piling into OKYO stock following today’s clinical trial update. This has some 5 million shares of the stock changing hands as of this writing. That’s a massive surge compared to its daily average trading volume of about 566,000 shares.

OKYO stock is up 13.4% as of Thursday morning.

There’s even more stock market news worth knowing about below!

We’ve got all of the hottest stock news traders will want to read about on Thursday! A few examples include why shares of Baidu (NASDAQ:BIDU), Credit Suisse (NYSE:CS), and Western Alliance Bancorp (NYSE:WAL) stock are moving today. You can find all that news at the following links!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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