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Why the Bionomics share price has rebounded 75% in 2019

The Bionomics Ltd (ASX: BNO) share price is up from 11 cents to 19 cents over the course of 2019, but is still down around 66% since April 2018 when the stock changed hands for more than 60 cents.

Bionomics is a pharmaceutical or biotechnology business conducting clinical trials into drugs that could help treat central nervous system disorders such as post traumatic stress, anxiety, and depression.

However, on October 2 the company’s share price crashed around 68% in a single day after it admitted a clinical trial for its BNC210 drug to treat post traumatic stress disorder failed to meet its clinical endpoint.

However, the company is ploughing ahead with trials into its BNC210 drug to treat “elderly patients suffering from agitation” with the results expected in the first quarter of 2019.

For the quarter ending December 31 2018 it posted cash receipt of $2.66 million and had cash on hand of $27.35 million. The stock price is probably rising in hope of more promising trial results.

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Motley Fool contributor Tom Richardson has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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