Prometheus Biosciences (RXDX) Surges 166% as Drug PRA023 Overshoots Drug’s Expectations
Prometheus Biosciences (RXDX) skyrocketed 166% on the news that their drug PRA023 exceeded expectations in patients with ulcerative colitis and Crohn’s disease.
“Net-net, the results exceed our expectations,” said RBC Capital Markets analyst Gregory Renza. They provide “key proof-of-concept in irritable bowel disease, early validation on the biomarker strategy and positive read-through to the (second ulcerative colitis data set) now set for the second quarter of 2023.”
In addition, SVB Securities analyst Thomas Smith noted that the drug showed a “”remarkably clean safety/tolerability profile across both studies.”
Prometheus Biosciences, Inc. is a clinical-stage biotechnology company pioneering a precision medicine approach for the discovery, development, and commercialization of novel therapeutic and companion diagnostic products for the treatment of immune-mediated diseases. The company’s precision medicine platform, Prometheus360TM, combines proprietary machine learning-based analytical approaches with one of the world’s largest gastrointestinal bioinformatics databases to identify novel therapeutic targets and develop therapeutic candidates to engage those targets.