First Wave BioPharmaNASDAQ: FWBI

After losing some value lately, a hammer chart pattern has been formed for First Wave BioPharma (FWBI), indicating that the stock has found support. This, combined with an upward trend in earnings estimate revisions, could lead to a trend reversal for the stock in the near term.

First Wave BioPharma (FWBI) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).

First Wave BioPharma (NASDAQ: FWBI ) stock is heading higher on Thursday after the clinical-stage biopharmaceutical company completed its business combination with ImmunogenX. First Wave BioPharma used an all-stock transaction to acquire ImmunogenX.

Shares of First Wave BioPharma Inc. FWBI, -5.99% rocketed 123% in premarket trading, which puts them on track for a record one-day gain, after the biopharmaceutical company announced an agreement to sell its Niclosamide treatment of inflammatory bowel disease to an “undisclosed biopharmaceutical company.” The stock is currently the biggest gainer among those listed on major U.S. exchanges.

BOCA RATON, Fla., Oct. 03, 2023 (GLOBE NEWSWIRE) -- First Wave BioPharma, Inc., (NASDAQ: FWBI), (“First Wave BioPharma” or the “Company”), a clinical-stage biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases, today announced that James Sapirstein, Chairman, President, and CEO of First Wave BioPharma, will give a presentation at the 2023 Roth Healthcare Opportunities Conference taking place October 12, 2023, in New York City.

Shares of First Wave BioPharma Inc. FWBI, +8.61% soared 71.7% in active premarket trading Thursday, after the biopharmaceutical company announced an agreement to license Capeserod to Sanofi SNY, -0.73%, which First Wave will repurpose and develop for gastrointestinal indications. Trading volume swelled to 6.5 million shares, already more than double the full-day average of about 2.6 million shares, and enough to make the stock the third-most actively traded in Thursday's premarket.

Initial data from First Wave's (FWBI) mid-stage study evaluating its investigational oral capsule in cystic fibrosis patients did not likely meet its primary endpoint.