(NEW YORK)–Auris Medical Holding AG (NASDAQ: EARS) saw its stock gaped up to break through some key resistance levels as investors rush in before call Wednesday.
EARS stock really began its move upward in late August 2018 following feedback from a Type C meeting with the U.S. Food and Drug Administration (FDA) related to the development plan and regulatory pathway for AM-111, its investigational treatment for sudden sensorineural hearing loss.
AM-111 is being developed in a biocompatible gel formulation for the treatment of sudden sensorineural hearing loss with a single-dose administration into the middle ear.
EARS is now expected to provide an update on its intranasal betahistine program, including key results from the second Phase 1 trial, on Wednesday, October 17, 2018, which will be following by a live conference call and webcast at 8:00an EST, and this has investors all in a frenzy with the stock.
Potential for Price Pullback
Ludlow Research, a small cap equity research firm in New York City, made note to subscribers that positive studies on their treatment for hearing loss is a potential bigger winner for the company, with out a doubt. But traders are cautioned as EARS may be over bought short-term on both an over extended RSI of around 85, and a gap in the intra-day chart between $1.00 and $1.25.
EARS is also pushing up against resistance at its 200-day moving average at around $1.61.
Short-term look for a potential pullback to $1.00 range to fill the gap on daily chart, and readjust the RSI back below 70 as more attractive trading opportunity.
Longer-term though EARS has some big potential and could very well be trading in the high single digit dollar range in the future as more positive test results are released towards commercialization.
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About Auris Medical
Auris Medical is a Swiss biopharmaceutical company dedicated to developing therapeutics that address important unmet medical needs in neurotology and mental health supportive care. The company is focused on the development of intranasal betahistine for the treatment of vertigo (AM-125) and for the treatment of antipsychotic-induced weight gain and somnolence (AM-201). This program is currently in Phase 1. In addition Auris Medical has two Phase 3 programs under development: AM-111 for acute inner ear hearing loss and Keyzilen® (AM-101) for acute inner ear tinnitus. The Company was founded in 2003 and is headquartered in Zug, Switzerland. The shares of Auris Medical Holding AG trade on the NASDAQ Capital Market under the symbol “EARS.”