Prometheus Biosciences (NASDAQ:RXDX) stock is rocketing higher on Wednesday after reporting results from its ARTEMIS-UC Phase 2 and APOLLO-CD Phase 2a studies of PRA023.
PRA023 is a treatment in development for ulcerative colitis (UC) and Crohn’s disease (CD). The results from these studies showed it was effective as a treatment while also remaining safe to use.
When it comes to the Phase 2 ARTEMIS-UC clinical trial, PRA023 was successful in meeting all of its primary and measured secondary endpoints. That includes 26.5% of patients taking the drug seeing “clinical remission” as compared to the 1.5% on placebo.
As for the Phase 2a APOLLO-CD trial, 26% of patients saw “endoscopic response” compared to the historic 12% on placebo. Also, 49.1% reached clinical remission, as compared to the historic 16% placebo rate.
What’s Next for RXDX Stock?
Prometheus Biosciences may see future gains for RXDX stock as the company continues to develop PRA023 as a treatment for UC and CD. The company notes that it’s already working to start Phase 3 clinical trials of the drug in 2023.
With today’s news comes heavy trading of RXDX stock. As of this writing, more than 3 million shares have changed hands. That’s well above the daily average trading volume of about 597,000 shares.
RXDX stock is up 185.9% as of Wednesday morning.
Investors looking for more of the latest stock market news will want to stick around!
InvestorPlace has all of the hottest stock news traders need to know about on Wednesday! That includes this morning’s biggest pre-market stock movers, as well as the latest news on Meta Materials Preferred Shares (OTCMKTS:MMTLP) and Alameda Research. You can get up to speed on that news at the links below!
More Wednesday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
- 5 Investors Betting on Meta Materials (MMTLP) Preferred Stock
- Alameda Research CEO Caroline Ellison Spotted in NYC, Sparking Rumors of a Plea Deal
On the date of publication, William White 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.
