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Shares of Artiva Biotherapeutics, Inc. (NASDAQ:ARTV) are rising Friday after the San Diego-based biotech company shared a milestone regulatory update.
What To Know: Artiva said the Food and Drug Administration gave its AlloNK product fast track designation. It’s the first drug candidate in its category to receive this designation, giving it the potential to become the first to advance to a pivotal trial pending FDA feedback expected in the first half of next year.
The stock was up more than 140% at last check, according to Benzinga Pro. In November, the company plans to share initial safety and transitional data for more than 20 patients treated with AlloNK + mAb across multiple autoimmune diseases, including insights into the patient journey from community rheumatology sites.
"We are prioritizing refractory RA as our lead autoimmune indication for AlloNK given the size of this underserved population. Despite the many approved therapies in RA, there are over 100,000 patients in the United States who remain treatment refractory and could potentially benefit from a deep B-cell depleting therapy," said Fred Aslan, CEO of Artiva.
ARTV Analysis: From a technical perspective, the current price is well above both the 50-day moving average at $2.83 and the 200-day moving average at $3.40, suggesting a strong bullish momentum in the short term. The substantial gap of 131.2% above the 50-day MA and 92.7% above the 200-day MA reinforces the notion that the recent price action may be driven by positive sentiment or news catalysts, although the RSI at 47.01 indicates a neutral stance, suggesting that the stock may not be overbought at this point.
ARTV Price Action: Artiva shares were up 135.38% at $6.52 at the time of publication on Friday. The stock is trading within its 52-week range of $1.47 to $15.49, reflecting a significant surge that has drawn investor attention. Despite this impressive daily gain, the year-to-date performance remains down 34.2%, indicating that the stock has faced considerable challenges earlier in the year.
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