Brickell Biotech’s stock rockets on positive trial results for excessive sweating treatment

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Shares of Brickell Biotech Inc. were vaulted 61% higher on very heavy volume, putting them on track for the biggest one-day gain since the biopharmaceutical company went public 27 years ago, after the company announced positive results from a Phase 2 study of its treatment for excessive sweating, suggesting Phase 3 studies were warranted. Trading volume ballooned to over 30.9 million shares, compared with the full-day average of about 374,000 shares. Brickell said before the open that a Phase 2b trial of its sofpironium bromide gel produced “clinically and statistically significant sustained reductions in sweating severity,” and was well tolerated. That suggests Phase 3 studies are warranted. “These study results give us the confidence to continue to advance the development of sofpironium bromide,” said Chief Research and Development Officer Deepak Chadha. The stock, which has now nearly tripled (up 171%) in four sessions, has still lost 60% over the past 12 months, while the iShares Nasdaq Biotechnology ETF has gained 11% and the S&P 500 has climbed 21%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.