Core Viewpoint - Conduit Pharmaceuticals has received a new patent for its HK-4 Glucokinase Activator, which targets autoimmune diseases, leading to a significant increase in its stock price [2][7]. Company Developments - The company has secured an Australian patent for its lead asset, which is expected to enhance its intellectual property portfolio and future out-licensing opportunities [2][7]. - Conduit Pharmaceuticals plans to pursue similar patents in other regions, including the U.S., Europe, and Japan, utilizing the Patent Prosecution Highway (PPHH) [3]. Market Reaction - Following the patent approval, Conduit Pharmaceuticals' stock (CDT) experienced a trading surge, with over 41.7 million shares traded, significantly higher than its average daily volume of approximately 317,000 shares [7]. - As of Tuesday morning, CDT stock rose by 73%, although it had previously declined by 94.9% year-to-date before this news [8].
Why Is Conduit Pharmaceuticals (CDT) Stock Up 73% Today?