ATOS Stock Price: Atossa Therapeutics Inc extends rally on FDA Letter for cancer treatment

NASDAQ:ATOS surged a further 10.65% on Thursday outpacing the broader markets.
Atossa received a letter from the FDA for its ovarian cancer therapy.
Atossa also has a COVID-19 nasal spray treatment coming down the pipeline.

Stocks Reporter FXStreet

NASDAQ:ATOS continued its week-long run as the stock has already gained nearly 80% since Monday, and it has shown no signs of slowing down. On Thursday, shares added a further 10.65% to close the day at $3.22, after briefly touching $3.60 during intraday trading. Atossa is now trading above its 50-day and 200-day moving averages, and is firmly within reach of its 52-week high price of $5.08. Atossa recorded double the average daily trading volume on Thursday, and has seen its market cap bounce back to $230 million.

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The reason for Atossa’s recent surge is what every small-cap biotech company shareholders are waiting for: an FDA approval letter for its treatment. While the FDA letter is not explicit approval for the treatment to hit the markets, the letter does give Atossa a ‘safe to proceed’ status under its Expanded Access Pathway for oncology and infectious diseases. The treatment in question is Endoxifen, a therapy for women who suffer from ovarian cancer. If eventually approved, Endoxifen could be one of the leading therapies for ovarian cancer tumors, and is currently being tested at the University of Washington Medical Center.

ATOS Stock news

Atossa also has a potential COVID-19 treatment coming down the pipeline in the form of a nasal spray, which does have some interest considering there is a large population of people who do not like syringes. The nasal spray also has logistical benefits including not having to be shipped or stored at certain temperatures, so medical centers and doctor’s offices may prefer to keep Atossa’s treatment on hand.

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