Conduit Pharmaceuticals Inc (NASDAQ:CDT) shares traded higher by as much as 57% to $0.37 during Tuesday's session before closing near flat after the company announced it received patent approval for its lead asset targeting autoimmune diseases.
The company said this achievement allowed Conduit to participate in the Patent Prosecution Highway (PPH), expediting patent examination in key markets like the U.S., Europe and Japan.
Conduit also said the patent, numbered 2022384750, enhanced the likelihood of approvals in other major jurisdictions, providing up to 20 years of protection crucial for drug products.
Conduit's research also identified cocrystals of AZD1656, leveraging solid-form technology to enhance patent protection and strategic value in pharmaceutical markets. CEO Dr. David Tapolczay emphasized the patent's significance in bolstering its intellectual property portfolio and potential for future partnerships.
Read Also: Why Air Products and Chemicals Shares Are Surging Today
How To Buy CDT Stock
By now you're likely curious about how to participate in the market for Conduit Pharmaceuticals — be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. There is a list of possible trading platforms here. Many will allow a person to buy "fractional shares," which allows ownership of portions of stock without buying an entire share. For example, some stock, such as Berkshire Hathaway or Amazon.com, can cost thousands of dollars to own just one share. However, if a person only wants to invest a fraction of that, brokerages will allow it.
In the the case of Conduit Pharmaceuticals, which is trading at $0.31 as of publishing time, $100 would buy 322.58 shares of stock.
If looking to bet against a company, the process is more complex. A person will need access to an options trading platform or a broker who will allow 'going short' a share of stock by lending the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if a broker allows a person to trade options, either buy a put option or sell a call option at a strike price above where shares are currently trading — either way it allows a profit off of the share price decline.
CDT Price Action: According to data from Benzinga Pro, Conduit Pharmaceuticals has a 52-week high of $12.89 and a 52-week low of $0.21. Shares closed out Tuesday up 4.63% at 25 cents.
Photo: Pexels from Pixabay