The share price of Pluristem Therapeutics Ltd. (Nasdaq:PSTI; TASE: PLTR) fell by 19.5% in morning trading on the Tel Aviv Stock Exchange (TASE) today, before partly recovering, without any announcement from the company. The volatility in share price comes a day before the company publishes the results of a clinical trial of its stem cell treatment for muscle injury.
Pluristem's share price was down 8.3% by early afternoon on the TASE today, to NIS 14.42, after falling 0.9% on Nasdaq on Friday to $4.43, giving a market cap of $265 million.
Pluristem's share price has risen by over 15%, even after today's slump, since the beginning of the year, partly because of expectations of the results of the Phase I/II Clinical Trial of its PLacental eXpanded (PLX-PAD) for injured gluteal muscle after total hip arthroplasty. It is not known if today's volatility in the share price is due to leaked information or sales ahead of an announcement that the trial is a success or failure.
Last week, Pluristem chairman and CEO Zami Aberman and CFO Yaky Yanay sold shares in the company at $4.25 per share. The sales were through the blind program, which allows people with insider information, i.e. parties at interest, to sell shares at predefined prices. The sales are made automatically when the share reaches the preset price.
Pluristem told "Globes", "We are aware of the market's expectations ahead of tomorrow's announcement of the results of the Phase I/II clinical trial for muscle injury."
Published by Globes [online], Israel business news - www.globes-online.com - on January 20, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014