The shares of Eyegate Pharmaceuticals Inc (NASDAQ:EYEG) are surging this morning, just after the drugmaker said its experimental Ocular Bandage Gel (OBG) eye drop showed greater improvement in patients with eye wounds than those met with standard care.
The firm said it will submit the treatment for a marketing application by the first half of 2020. In response, EYEG is up 83.1% at $8.82, set for its biggest one-day percentage gain in nearly three years.
Prior to today, EYEG was attempting to rally off its late-August record low of $2.25. The security had doubled off this bottom through last night's close, but was running into pressure at the 320-day moving average, and was suffering from a 31.3% year-to-date deficit. Today, however, EYEG has sliced through this trendline and swung into the green for 2019, trading directly below its Jan. 15 annual peak of $8.83.