BANGALORE, Dec 14 - Shares of Alexza Pharmaceuticals Inc. (ALXA.O: Quote, Profile , Research) rose 25 percent on Thursday, a day after the company said it completed enrollment in a mid-stage trial of its treatment for migraine headaches.
On Wednesday, the company said it was "on track" to provide initial results from the AZ-001 clinical trial by the end of March 2007.
"... this is a relatively under-appreciated small-cap company with four drugs in the clinic and they've got Phase IIb data for their lead migraine drug coming out in the first quarter ... What you are seeing is investors waking up to the story," RBC Capital Markets analyst Jason Kantor told Reuters over the telephone.
Kantor, who was bullish on the stock, said people were realizing that this was a near-term clinical event that had a high probability of success.
"I think that's why the stock is up as much as it is," he noted.
Kantor said the company presented at the brokerage's conference on Wednesday. The brokerage highlighted the stock as its top pick for 2007 on CNBC Thursday morning.
"Good data is being rewarded in the marketplace," Kantor said.
I will update the data from the trial later today. I have to do more research for now.
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