Shares of Celldex Therapeutics, Inc. (CLDX) are surging over 30% on Monday morning after the biopharmaceutical company reported positive results from an early-stage study of a skin disease.
CLDX is currently trading at $42.25, up $9.84 or 30.36%, on the Nasdaq, on a volume of 2.8 million shares, above the average volume of 545 thousand. The stock has traded between $9.59 and $45.93 in the past 52 weeks.
Celldex Therapeutics announced data from the company's ongoing, open label Phase 1b clinical trial of CDX-0159 in patients with antihistamine refractory cold urticaria and symptomatic dermographism, the two most common forms of chronic inducible urticaria.
CDX-0159 is a humanized monoclonal antibody that specifically binds the receptor tyrosine kinase KIT with high specificity and potently inhibits its activity.
The company said that 18/19, or 95% experienced a complete response.
"The achievement of a 95% complete response rate, rapid onset and sustained durability after a single dose is unprecedented in this patient population and clearly demonstrates that CDX-0159 has the potential to become an important new treatment option for patients suffering with chronic inducible urticaria," commented Anthony Marucci, President and Chief Executive Officer of Celldex Therapeutics.
For comments and feedback: editorial@rttnews.com