Shares of DBV Technologies (NASDAQ: DBVT) were up 14.5% early Thursday afternoon after the New England Journal of Medicine published phase 3 data on DBV's trial on its peanut allergy therapy for children aged one to three. The biotech company's shares are up more than 15% so far this year.

In the trial, the company's Viaskin Peanut 250 microgram patch was shown to be superior compared to a placebo in desensitizing children to allergic reactions to peanuts. The results constitute a big victory for the company. In 2020, the Food and Drug Administration (FDA) had issued a complete response letter considering the therapy, citing a lack of efficacy for the product. Last December, the FDA lifted its clinical hold on the company's phase 3 trial for the therapy.

Peanut allergies are the most common food allergy in the U.S., but there are no FDA-approved options for children younger than 4. One study showed that approximately 1.2 million U.S. children and teens -- just more than 2% of the nonadult population -- have peanut allergies. The patch, if approved by the FDA, could see wide usage.

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Source Fool.com