Benitec Shares Skyrocket as Morgan Stanley Takes Stake
BNTC shares blasted higher Tuesday after disclosing in a regulatory filing that Morgan Stanley has a 5.2% stake in the genetic drug company.
The stake amounts to 249,174 shares, or about $1.51 million.
Benitec‘s “proprietary platform, called DNA-directed RNA interference, or ddRNAi, combines RNA interference, or RNAi, with gene therapy to create medicines that facilitate sustained silencing of disease-causing genes following a single administration,” the company said.
“The company is developing ddRNAi-based therapeutics for chronic and life-threatening human conditions including Oculopharyngeal Muscular Dystrophy (OPMD), and Chronic Hepatitis B.”