Vericel Corp.'s stock rocketed 92% in very active premarket trade Thursday, after the biotechnology company announced positive trial results for its heart failure treatment. Trading volume just before the open was about 730,000 shares, compared with the full-day average of about 37,000 shares over the past 30 days, according to FactSet. The company said a Phase 2b trial of ixmyelocel-T, a multicellular therapy made from the patients' own bone marrow, in patients with advanced heart failure, met its primary endpoint of a reduction in the total number of deaths, hospitalizations and unplanned emergency room visits. The stock which is on track to open at the highest level in a year, has tumbled 18% year to date through Wednesday, while the S&P 500 has slipped 2.7%.
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