Vical Inc. shares rose 10% after the company reported strong results from a 20-patient trial of its potential prostate cancer drug called Leuvectin.
Shares in the San Diego-based company rose $1.63 to close at $17.88 on Nasdaq in trading of 575,700 shares, more than six times the average daily volume for the stock in the past six months.
"I think this is a very significant finding," said Albert Rauch, an analyst at Everen Securities. "You're giving these people an ability to be treated less drastically."
Generally, the patients who were treated in the study are the kind who would be recommended for chemical castration to suppress the testosterone needed by the cancer cells, he said. Leuvectin could represent a chance to avoid that life-altering treatment, he said. Rauch has a rating of "outperform" on Vical.