ProQR Therapeutics (NASDAQ:PRQR) stock is having a great morning. The biotech company recently announced some very positive news regarding one of its clinical trials, and it’s seeing its shares rocket as a result.
A Wednesday press release by the company delved into details surrounding an early phase trial, and the news had doubled the stock’s value over the course of the day.
Today, PRQR stock is up 53%, and trade volume is at nearly 91 million. This is a whopping 120 times greater than its average volume. The news was enough to not only drive up prices throughout the day, but carry the momentum well into the next.
So, what did the company reveal through its trial that spurred such a boost in value today? Let’s take a look at what the company does and how its new data is significant:
What to Know About PRQR Stock
- ProQR is a company whose interests lie primarily in reversing blindness caused by inherited retinal diseases. It does this primarily through the development of RNA therapies.
- RNA therapies seek to fix ailments by mutating the RNA of a patient who carries genetic diseases. Basically, they “recode” the molecule to create the proteins that the body is deficient in. You might recognize the concept of RNA therapy from the Covid-19 vaccines.
- The company’s announcement on Wednesday revealed information regarding its clinical trial of QR-421A, a molecule to treat Usher disease. The QR-421A RNA therapy’s goal is to stabilize the vision of patients with the disease.
- In a Phase 1 trial of QR-421A, ProQR reported the therapy was well tolerated within subjects, and it proved useful in improving visual acuity and visual fields with a single dose.
- Both early stage patients and advanced-stage patients saw benefits from the QR-421A injection.
- The positive data poises ProQR for advanced clinical trials before the end of 2021.
- There is currently no such product on the market for stabilizing or improving the vision of patients with the disease. A product release down the line could drive a tremendous boost in PRQR stock.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.