Prana (PRAN) Soars on Alzheimer’s Treatment PBT2

A promising outlook for its Alzheimer’s treatment PBT2 has the share price of Prana Biotechnology Ltd. (NASDAQ:PRAN) soaring today, at one point reaching as high at 55 percent, although pulling back as the trading day went on.

According to Prana, they said they have published a study in the science journal PLoS One that showed PBT2 helped repair brain damage in mice stricken with Alzheimer’s disease. The treatment also helped restore healthy levels of key proteins involved in learning and memory.

Also moving up in the drug sector is Bristol-Myers Squibb Co. (NYSE:BMY), presumably on the positive date reported for its compound ipilimumab in the treatment of advanced melanoma, a deadly skin cancer.

The drug sector’s two main indexes on the other hand are going in opposite directions. The NYSE Arca Pharmaceutical Index (DRG) was up marginally at 304 while the NYSE Arca Biotechnology Index (BTK) dropped 0.6% to 1,277.

Bristol-Myers was trading at $26.41, gaining $0.41, or 1.58 percent, as of 12:45 PM EDT. Prana was trading at $3.69, gaining $0.99, or 36.67 percent.