Months af­ter IPO, No­var­tis spin­out resTOR­bio wins on PhI­Ib da­ta — stock soars

Just six months af­ter its de­but on the Nas­daq, resTOR­bio is trot­ting out late-stage da­ta this morn­ing for its lead drug can­di­date — a TORC1 in­hibitor they’re hop­ing will pre­vent res­pi­ra­to­ry in­fec­tions in el­der­ly folks. While it flopped in a com­bo tri­al, the com­pa­ny’s drug met its pri­ma­ry end­point when test­ed by it­self.

In­vestors are thrilled with the news, with resTOR­bio’s share price $TORC fly­ing up 161% as of press time. Yes­ter­day’s close was at $9.01 per share, and to­day its so far climbed to $23.50. If it holds, that’s a de­cent jump from its IPO price of $14 to $16 per share.

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