Clinuvel trading at nine-month highs

Shares in Melbourne-based Clinuvel Pharmaceuticals (ASX:CUV) are trading at their highest point since April, after a major stock bump last week.

Clinuvel shares started at $1.58 last Monday, before climbing every day of the week to hit $2.12 on Friday.

While the price fell back 5.66% yesterday to $2.00, this was still the second-highest closing price since April 21 last year.

The price hike occurred despite trading volumes staying fairly low all week, peaking at around 40,000 on Friday.

As a result of the fluctuation, ASX overseers sent a price query to Clinuvel. In its response, the drug company cited as possible reasons for the gain two recent announcements surrounding its lead product, SCENESSE.

SCENESSE is a proprietary afamelanotide formulation currently in stage II and III clinical trials. It increases melanin levels in the skin, to help shield against UV radiation and sunlight.

The drug is delivered via a subcutaneous implant, and has applications in conditions including porphyria, skin cancers and skin lesions.

The most significant recent announcement was that Clinuvel is preparing a Marketing Application Authorisation submission to the EMA, which if approved will allow the company to market SCENESSE across the European Union.

Clinuvel (ASX:CUV) shares were trading unchanged from Monday's closing price by late in the trading day on Tuesday.