Why Constellation Pharmaceuticals Stock Is Skyrocketing Today
Shares of Constellation Pharmaceuticals (NASDAQ: CNST) were skyrocketing by 92% as of 11:03 a.m. EST on Wednesday after jumping as much as 207.5% earlier in the day. This huge jump came after the company provided its third-quarter update.
Constellation announced the publication of new data from its Manifest phase 2 clinical study evaluating experimental drug CPI-0610 in treating myelofibrosis. The company said that this new data showed "signs of encouraging clinical activity in both JAK-inhibitor-naive patients and ruxolitinib-refractory or -intolerant patients."
It's not unusual for clinical-stage biotech stocks to spike on positive pipeline news. Constellation's latest data was so promising that the company is even expanding the Manifest clinical study to examine the effects of CPI-0610 on first-line patients and second-line transfusion-dependent patients more closely.
Source Fool.com
