Auspex Pharmaceuticals Inc. (NASDAQ:ASPX) soared about 60 percent after the drug developer said its product for treating chorea, or involuntary movement associated with Huntingtons disease, met the main goal in a late-stage study.

The shares jumped about to $40 in extended trading after closing at $25.09 on Nasdaq.

Patients administered SD-809, Auspexs lead drug, showed an improvement in a standardized score measuring involuntary movement, compared with those given a placebo.

The drug also significantly improved the patients quality of life, lowering rates of depression and anxiety.

About 90 percent of those suffering from Huntingtons disease develop chorea, characterized by involuntary, excessive movements that can impact all parts of the body and interfere with motor functions.

The company said it was also running an additional trial to see if chorea management remained under control when patients were switched overnight to SD-809 from H Lundbecks tetrabenazine, the current standard of care.

Data from the study suggested that the chorea score for the drug improved by a point in the first and fourth weeks, Auspex said.

Auspex Equity Analysis

Auspex Pharmaceuticals Inc. (NASDAQ:ASPX) opened trading today as $50.75 and is trading in the range of 42.40-52.12 today. Auspex’s current market cap stands at $1.39 billion.

Compared to other peers in the Drug Manufacturers Major sector, Auspex’s earnings per share is currently at -5.94, which is below then the sector average of 0.61.

Auspex is currently covered by 40 Wall Street analysts. The mean target price is $41.83 according to First Call. This presents a downside to the current price of the equity. The Mean Recommendation sits at 1.4.

The most recent analyst actions consisted of Robert W. Baird initiating the stock on March 3rd and Stifel initiating coverage with an initiation rating back in March.

The current quarter EPS consensus estimate is -0.57. Auspex reported actual earnings last quarter of -0.73 which fails to beat the -0.39 consensus estimate, a -87.20% surprise.

Corporate Profile

Auspex Pharmaceuticals, Inc., a biopharmaceutical company, focuses on developing and commercializing novel medicines for the treatment of orphan diseases. The company’s product candidates are used to address medical needs primarily in hyperkinetic movement disorders, such as chorea associated with Huntington’s disease, tardive dyskinesia, and Tourette syndrome, as well as other orphan indications. Its lead product candidate includes SD-809 that is in Phase 3 registration clinical trial for the treatment of chorea associated with Huntington’s disease. The company’s other product candidates comprise SD-254, deuterium-containing form of venlafaxine, which has completed two Phase 1 clinical trial, as well as preclinical stage of development products include SD-560, a deuterium-containing form of pirfenidone; SD-970, a deuterium-containing form of tofacitinib, and a deuterium-containing form of ketamine. Auspex Pharmaceuticals, Inc. was founded in 2001 and is based in San Diego, California.

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