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Shares of Aclaris Therapeutics Inc. ACRS,
soared more than 200% to a 2 1/2 year high, in massive volume, Tuesday noon after the biopharmaceutical company announced “positive” data from a Phase 2a trial of its treatment against rheumatoid arthritis. The stock climbed 211.1%, putting it on track for the highest close since July 2018, to beat all the winners on major U.S. exchanges. Trading volume climbed to 79.7 million shares, from a daily average of around 859,000 shares. The company said the multicentre phase 2a trial was randomized, patient-blind, non-sponsor-controlled and placebo-controlled, and that the primary endpoint was the safety and tolerability of ATI-450, a experimental oral inhibitor of MK2. In the trial, the company said ATI-450 was generally well tolerated, showed no serious adverse events, and demonstrated long-lasting clinical activity. Aclaris chief medical officer David Gordon said he believes the data supports the hypothesis that inhibition of MK2 is an important new target for the treatment of immuno-inflammatory diseases, and he is looking forward to upgrade the ATI-450 to phase 2b. The stock has more than quadrupled (+ 305.5%) in the past three months, while the iShares Nasdaq Biotechnology ETF IBB,
rallied 19.4% and the S&P 500 SPX,
gained 10.6%.
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