This Biotech Is Already Off To The Races Before The Opening Bell

By: Tomas Ronolski - AllPennyStocks.com News

Wednesday, December 18, 2024

A New York-based biotech is stealing the premarket show leading up to the opening bell after the company announced topline results which met its primary endpoint of safety and tolerability from its exploratory Phase 2 SHIMMER study, according to a press release.

Traders wasted no time buying up shares of Cognition Therapeutics, Inc. (Nasdaq:CGTX), with the current bid sitting at $1.17/share (+157.20% implied open for sellers) at the time of writing. This move will be a huge relief for longer-term shareholders that have been riding the multi-month downtrend this stock ahs been stuck in since August.

Cognition Therapeutics, Inc., a clinical-stage biopharmaceutical company, engages in the discovery and development of small molecule therapeutics targeting age-related degenerative diseases and disorders of the central nervous system and retina. Its lead product candidate is CT1812, an orally delivered molecule modulator designed to penetrate the blood-brain barrier and bind selectively to the S2R complex, which is in Phase 2 clinical trial for the treatment of Alzheimer's disease, as well as geographic atrophy secondary to dry age-related macular degeneration and synucleinopathies, such as dementia with Lewy bodies. The company was incorporated in 2007 and is headquartered in Purchase, New York.

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