Isis Pharmaceuticals' Stock Price Rises After Clinical Trial Results AnnouncedTuesday, June 25, 2013
The stock price for Carlsbad-based Isis Pharmaceuticals Inc. skyrocketed Monday, rising nearly 30 percent after the drug developer announced positive clinical trial results for its diabetes drug that improves heart health.
Shares traded at $28.42 at market close — an increase of $6.43 compared to the day previous. The $2.95 billion market cap company develops RNA-based therapies that deactivate disease-causing genes.
Recent data showed that a drug, called APOCIII, helped significantly reduce the triglyceride levels in Type 2 diabetes patients — decreasing by an average of 72 percent. It also showed a 40 percent increase in high-density lipoprotein, which is the “good” cholesterol.
The study’s results were presented Sunday at the American Diabetes Association’s national meeting in Chicago.
— Meghana Keshavan