Stock Update (NASDAQ:NVIV): Invivo Therapeutics Holdings Corp Announces Enrollment of Fourth Patient in Pilot Spinal Cord Injury Trial
Invivo Therapeutics Holdings Corp (NASDAQ:NVIV) announced that a fourth patient has been enrolled in the company’s ongoing pilot trial of its investigational Neuro- Spinal Scaffold in patients with acute thoracic spinal cord injury at the UC Davis Medical Center in Sacramento, CA.
Kee Kim, M.D., Principal Investigator at this site, performed the fourth-ever Neuro-Spinal Scaffold implantation approximately 53 hours after the injury occurred.
Mark Perrin, InVivo’s CEO and Chairman, said, “We continue to make meaningful progress in our ongoing clinical trial. With the fourth patient successfully enrolled, we look forward to enrolling the fifth and final patient in our pilot study and preparing for our pivotal probable benefit study.”
This is the company’s first clinical study of its investigational degradable polymer Neuro-Spinal Scaffold. The Investigational Device Exemption (IDE) pilot study has been approved by the FDA and is intended to capture preliminary safety and effectiveness data of the Neuro-Spinal Scaffold in five subjects with acute thoracic spinal cord injury. Following the pilot trial, InVivo expects to conduct a pivotal study to obtain FDA approval to commence commercialization under a Humanitarian Device Exemption (HDE). (Original Source)
Shares of Invivo Therapeutics closed yesterday at $10.88. NVIV has a 1-year high of $1.88 and a 1-year low of $19.68. The stock’s 50-day moving average is $14.46 and its 200-day moving average is $12.88.
On the ratings front, H.C. Wainwright analyst Andrew Fein reiterated a Buy rating on NVIV, with a price target of $25, in a report issued on July 14. The current price target implies an upside of 129.8% from current levels. According to TipRanks.com, Fein has a total average return of 18.4%, a 55.3% success rate, and is ranked #233 out of 3741 analysts.
InVivo Therapeutics Holdings Corp is a research and clinical-stage biomaterials and biotechnology company with a focus on treatment of spinal cord injuries.