Prometheus Biosciences Shares Tripled Today after Positive Drug Results

Shares of Prometheus Biosciences (NASDAQ: RXDX) more than tripled at one point in today’s session. This can be attributed to the strong results seen by its PRA023 drug in trials for ulcerative colitis and Crohn’s disease.

For its ulcerative colitis trial, the drug saw a placebo-adjusted clinical remission rate of 25% while also meeting all of its secondary goals with statistical significance.

For its Crohn’s disease trial, 49.1% of patients saw clinical remission versus the placebo rate of 16%. The drug also caused a reduction in inflammation and fibrosis.

Overall, Wall Street analysts have a consensus price target of $68.33 on RXDX stock, implying over 30% downside potential, as indicated by the graphic above.

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