Why Shares of Prometheus Biosciences Are Soaring This Week
Prometheus Biosciences (NASDAQ: RXDX) saw its shares rise this week as much as 168.7% by early Thursday, according to data from S&P Global Intelligence. The clinical-stage biotech focuses on inflammatory bowel disease (IBD) treatments and immune-related diseases.
The stock, after slumping last week, closed last Friday at $40 a share. It opened this week at $39.79, then rose to a 52-week high of $111.99 on Wednesday.
Prometheus' big rise this week was driven by the good news in its announcement Wednesday regarding its lead therapy, PRA023. The therapy did well in two separate phase 2 trials. It demonstrated a 49.1% clinical remission rate in its Apollo trial to treat Crohn's disease (CD), lowering inflammation and fibrosis connected with the malady.
Source Fool.com
