BioLine stock soars on heavy volume after ‘compelling’ results of cancer treatment trial

Shares of BioLine RX Ltd.
BLRX,
+0.68%
soared 47% on heavy volume of 14.1 million shares in premarket trading Friday, after the Israel-based biopharmaceutical company announced positive interim results from a Phase 3 trial of motixafortide for stem cell mobilization (SCM) in multiple myeloma patients. The stock was the biggest gainer and most actively traded in the premarket, with volume already way above the full-day average of about 114,000 shares. The company said an independent data monitoring committee (DMC) analyzing the study’s primary endpoint recommended that patient enrollment may be ceased immediately given the “statistically significant evidence” favoring treatment with motixafortide. “The compelling results of this planned interim analysis are a very significant milestone for our Company, as our SCM program is the Company’s most efficient path to registration for motixafortide,” said Chief Executive Philip Serlin. The stock, on track to open at a two-month high, has declined 34.2% year to date through Thursday, while the iShares Nasdaq Biotechnology ETF
IBB,
+0.52%
has rallied 10.4% and the S&P 500
SPX,
+1.19%
has gained 2.5%.