Why Rubius Therapeutics Stock Is Skyrocketing Today

Shares of clinical-stage biopharmaceutical company Rubius Therapeutics (NASDAQ: RUBY) are soaring through the roof on Monday following the company's release of data from an ongoing clinical trial for RTX-240, an experimental cancer treatment. Rubius Therapeutics' stock was up by 71.8% as of 1:08 p.m. EDT after jumping by as much as 135.6% earlier in the day.

In a phase 1/2 clinical trial for RTX-240 on patients with advanced solid tumors, the therapy showed encouraging safety and efficacy signs, as demonstrated by initial clinical data revealed by the company today. Specifically, RTX-240 led to a partial response (a decrease in the size of the tumor as a result of the treatment) in a patient with metastatic anal cancer and another patient with metastatic uveal melanoma.

While positive data from an early-stage clinical trial may not seem like a big deal, Rubius Therapeutics argues that these results serve as a proof of concept for its approach to developing innovative treatments, which focuses on genetically engineering red blood cells to create medicines for autoimmune disorders.

Source Fool.com