Shares of Icos Corp., a biotechnology company with no products on the market, soared 30 percent Friday on enthusiasm about its impotence drug, which may rival Pfizer Inc.’s blockbuster Viagra.
Icos jumped $4.81, to $21.06, in trading of 23 million shares, more than 100 times the three-month daily average, making it the most-active stock on the Nasdaq stock market. At one point, it hit an all-time high of $24.50, valuing the company at almost $1 billion. Bothell-based Icos’ biggest shareholder is Microsoft Corp. Chairman and Chief Executive Bill Gates, who has a 13 percent stake and is also an Icos director.
Icos is only starting the second of three phases of testing needed to get regulatory approval for its impotence drug. Pfizer’s Viagra took off when it was introduced last month because it’s easier to use than previous treatments.
“There’s little doubt that Icos’ drug for impotence is effective, but they still have to go through all the trials to prove it’s safe,” said Andrew Heyward, an analyst with Ragen MacKenzie, who has an “accumulate” rating on Icos.
