2024-04-10 14:15:15 ET
Adial Pharmaceuticals Inc (NASDAQ: ADIL) is up 60% today following a promising update on its alcohol disorder drug.
What it means for Adial Pharmaceuticals stock
The $7.7 million company based out of Virginia, United States said its AD04 did well in a clinical trial of Alcohol Use Disorder (AUD) patients.
Its lead investigational new drug administered orally in low doses did not produce any adverse effect either, as per the press release $ADIL published on Wednesday.
The news arrives only days after K. Dolliver – a Brookline Capital Management analyst said he now expects the pharmaceutical firm to lose 51 cents a share in Q1. His previous estimate was for 32 cents per share.
Despite a sharp surge this morning, Adial Pharmaceuticals stock is down 40% versus its year-to-date high at writing.
Adial CEO’s remarks on new data
Adial Pharmaceuticals reported high compliance and meaningfully lower dropout rate in patients on AD04 as well today.
Note that AUD is a prominent contributor to alcohol-related liver disease. Cary Claiborne – the chief executive of $ADIL said in a press release on Wednesday:
We believe AD04 could pave way for precision treatments tailored to individuals with AUD, offering a novel strategy to not only manage alcohol consumption but also mitigate liver damage.
It is worth mentioning here that a bunch of institutional investors including Renaissance Technologies and Virtu Financial have recently announced stakes in Adial Pharmaceuticals stock that Wall Street currently rates at “buy”.
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