Today, iBio (NYSEMKT:IBIO) stock is rocketing higher after the biopharmaceutical company announced a new immune-oncology program.
According to a press release, iBio has chosen MUC16 as the next focus for its immune-oncology program. This is a cancer target that is often expressed in several types of solid tumors. Among those are ovarian, lung and pancreas cancers.
The goal of targeting MUC16 is binding monoclonal antibodies to certain parts of it. Specifically, the company wants to target parts that don’t go through shedding or glycosylation. Doing so would allow it to bypass tumor evasion mechanisms to better fight cancer.
Martin Brenner, interim CEO and CSO of iBio, said the following about the news:
“The targeting of a very specific, patho-physiologically relevant, region of MUC16 is a testament to the versatility of our AI technology, as it successfully shows it can be applied to a broad range of targets. This success adds to the growing list of target classes to which we have made differentiated antibodies using our patented epitope steering technology.”
What This Means for IBIO Stock
With the company exploring more treatments for cancer, it’s possible IBIO stock will rise alongside positive outcomes. The current data seems upbeat already, which helps explain why shares of the company’s stock are gaining today.
It’s also bringing heavy trading volume with it. That includes some 7 million shares changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 1 million shares.
IBIO stock is up 123.9% as of Friday morning.
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We’ve got all that news ready to go with our daily coverage of the market. That includes the biggest pre-market stock movers this morning, as well as the latest details on AI stocks and Etsy (NASDAQ:ETSY). You can learn more about these matters at the links below!
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On the date of publication, William White did not have (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.
