MARKETS

Alterity Therapeutics stock more than doubles on massive volume after new patent announcement

The U.S.-listed shares of Alterity Therapeutics Ltd.
ATHE,
+146.08%
rocketed 129.6% on massive volume in morning trading Monday, enough to be the biggest gainer among those listed on major U.S. exchanges, after the Australia-based drug maker announced the allowance of a new patent for next generation compounds to treat neurodegenerative diseases. Trading volume exploded to 61.3 million shares, making the stock the second-most active in the U.S., and compared with the full-day average of just about 81,000 shares. Alterity said the patent covers more than 150 novel pharmaceutical compositions that are designed to redistribute the labile iron implicated in neurodegenerative conditions including Parkinson’s disease and Alzheimer’s disease. “This broad patent establishes an excellent foundation for the company to pursue multiple therapeutics across a spectrum of neurodegenerative disease,” said Chief Executive Geoffrey Kempler. The stock has soared 238.5% year to date, while the S&P 500
SPX,
+1.16%
has gained 12.1%.

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