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INmune Bio Inc. (NASDAQ:INMB) stock surged by 24.72% in after-hours trading on Friday. The company announced a novel selective soluble TNF inhibitor, which is likely to have influenced the stock’s performance.
Check out the current price of INMB stock here.
What Happened: The stock of the Florida-based biotechnology company closed at $2.71 on Friday, down 2.52%, before rising to $3.40 in after-hours trading.
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INmune Bio revealed that additional analyses from its Phase 2 MINDFuL trial, which evaluates XPro, a novel selective soluble TNF inhibitor, will be presented at the Alzheimer's Association International Conference (AAIC) in Toronto, Canada.
The presentation is scheduled for Tuesday, July 29. The trial is a double-blind, Phase 2 proof-of-concept study examining the potential of XPro to slow cognitive decline in early-stage Alzheimer's disease (AD) by targeting neuroinflammation.
Dr. CJ Barnum, Vice President of CNS Drug Development at INmune Bio, said, "We are encouraged by the promising findings of the MINDFuL trial, which highlight the potential of XPro to address neuroinflammation in Alzheimer's disease."
Why It Matters: The stock of INmune Bio Inc. has been through a rollercoaster ride in the past month. It was downgraded by Scotiabank (NYSE:BNS) to ‘Sector Underperform' and BTIG to ‘Neutral' on July 1. However, Maxim Group maintained a ‘Buy' rating on the stock on July 2, albeit lowering the price target to $8. Following this, the stock also saw a surge in share price on the same day.
After its Phase 2 Alzheimer's trial missed the primary endpoint, INmune Bio's stock had dipped earlier.
Despite these fluctuations, the company’s latest announcement seems to have had a positive impact on the stock, with a significant increase in after-hours trading.
Price in Action: According to Benzinga Pro data, INmune Bio gained $0.69 to reach $3.40.
Benzinga's Edge Stock Rankings indicate INMB stock has a negative trend across all time frames. Know the stock value of other biotechnology companies.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: khunkornStudio via Shutterstock
