Shares of Aclaris Therapeutics Inc. ACRS,
It jumped more than 200% to its highest level in two and a half years, in huge volumes, in midday Tuesday, after the biopharmaceutical company reported “positive” data from a Phase 2A trial of its rheumatoid arthritis treatment. The stock rose 211.1%, putting it on track to achieve the highest close since July 2018, taking all gainers across the major US bourses. Trading volume increased to 79.7 million shares compared to the full day average of about 859 thousand shares. The company said the multicenter Phase 2A trial was randomized, blinded, patients, a non-blind and placebo-controlled caregiver, and the primary endpoint was the safety and tolerability of ATI-450, an investigational oral MK2 inhibitor. In the experiment, the company said that the ATI-450 was generally well tolerated, had no serious adverse events and always demonstrated clinical activity. David Gordon, Aclaris’ chief medical officer, said he believes the data support the hypothesis that MK2 inhibition is an important new target for treating inflammatory immune diseases, and he looks forward to advancing ATI-450 to Stage 2B. The stock has more than quadrupled (up 305.5%) over the past three months, while the iShares Nasdaq Biotechnology ETF IBB,
Up 19.4% and the S&P 500 SPX,
It gained 10.6%.
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