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NEW YORK - Hoth Therapeutics, Inc. (NASDAQ:HOTH) has regained compliance with Nasdaq’s minimum bid price requirement, the clinical-stage biopharmaceutical company announced today. The stock has shown strong momentum, with a 64% price return over the past six months and is currently trading at $1.37.
The company received formal notice from the Nasdaq Listing Qualifications Department confirming that its common stock closed at or above the $1.00 minimum bid price for 10 consecutive trading sessions from June 4 through June 17, satisfying the requirement under Listing Rule 5550(a)(2). According to InvestingPro data, analysts have set price targets between $4 and $5 for the stock, suggesting potential upside.
"Regaining Nasdaq compliance is a major milestone for Hoth and reflects growing market confidence in our strategy and pipeline," said Robb Knie, CEO of Hoth Therapeutics, in a press release statement.
With the compliance matter now officially closed, the company states it is focusing on delivering key milestones across its clinical portfolio, which includes treatments targeting inflammatory diseases, oncology, and rare diseases.
Hoth Therapeutics develops therapies for patients with unmet medical needs. The company’s stock will continue to trade on the Nasdaq exchange following the resolution of this compliance issue.
The information in this article is based on a press release issued by Hoth Therapeutics.
In other recent news, Hoth Therapeutics has reported promising preclinical results for its cancer treatment candidate, HT-KIT. The therapy demonstrated over an 80% reduction in KIT expression and significant tumor growth inhibition in models of gastrointestinal stromal tumors and systemic mastocytosis, with no observed off-target toxicity. Additionally, the company announced positive safety data for HT-KIT in other preclinical studies, indicating dose-responsive effects without observable toxicity. Hoth Therapeutics also secured a Japanese patent for its HT-KIT platform technology, which targets mast cell diseases, providing exclusive protection until 2039. Furthermore, the company is advancing its HT-001 drug, aimed at treating skin toxicities associated with cancer treatments, by planning an Expanded Access Program to provide compassionate access to patients. Hoth Therapeutics has engaged Premier Research to support this initiative and is currently evaluating HT-001 in an open-label Phase 2a clinical trial. The company has also received a USPTO Filing Receipt for a new patent application for HT-001’s unique formulation, bolstering its intellectual property strategy. These developments reflect Hoth Therapeutics’ ongoing efforts in early-stage pharmaceutical research and development.
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