Today is a big day for biotech firm Curis (NASDAQ:CRIS) and CRIS stock. The U.S. Food and Drug Administration (FDA) just completed its review of the company’s TakeAim Lymphoma study. Even better, the regulator lifted its partial clinical hold on the study. Now, the positive news is pushing CRIS stock more than 20% higher.
Curis specializes in developing therapeutics to treat cancers. In particular, Curis’ emavusertib (CA-4948) is undergoing testing in a Phase 1/2 clinical trial known as the TakeAim Lymphoma trial. The purpose of this trial is to assess emavusertib as both a monotherapy and a combination therapy in selected lymphoma patients.
Unfortunately for Curis, the FDA had placed a partial clinical hold on the trial. Consequently, no new patients could be enrolled. Curis is a relatively small company and emavusertib is foundational to its business. So, clearly the new green light from the FDA will be impactful to Curis and CRIS stock stakeholders.
The Announcement That’s Moving CRIS Stock
Curis President and CEO James Dentzer announced today that the FDA “has completed its review of the TakeAim Lymphoma study.” The regulator “has lifted the partial clinical hold,” according to the CEO.
Now, TakeAim Lymphoma can move forward and Curis can enroll new patients in the study. Dentzer even went so far as to offer a timeline in the announcement. The CEO said the following:
“We are working with our clinical sites to quickly resume enrollment of new patients in this study in the third quarter.”
When a small, publicly traded biotech company gets a go-ahead from the FDA, share prices can move fast. That’s what’s happening with CRIS stock now. Shares are up more than 20% as of this writing.
CRIS stock actually went up more than 50% earlier today. However, low-priced stocks can be prone to large fluctuations. In other words, this type of volatile price action isn’t unusual when it comes to penny stocks.
The bottom line? The TakeAim Lymphoma study is moving forward and Curis shareholders are in a good mood today. Soon, CRIS stock could hit new highs. Just as importantly, Curis may even make breakthroughs in its quest to treat lymphoma.
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On the date of publication, David Moadel did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.