The stock price for San Diego drugmaker AnaptysBio has more than doubled in a matter of hours following news that the company’s experimental drug performed well in a recent study.
The company’s drug, called ANB020, is meant to treat atopic dermatitis (or eczema) in adults. The medicine was recently tested in humans during a midstage trial (phase 2a), and results were published October 10. After a single dose of the medicine, 75 percent of patients in the study saw 50 percent improvement in their symptoms, according to AnaptysBio.
The company plans to start an additional study to assess how multiple doses of the drug will affect 200-300 patients. Results for that trial are expected in 2019.
AnaptysBio, which just went public in January with a $75 million IPO, saw its stock price climb 101 percent on the news. The company’s shares were selling at $70.41 at market close October 10.
The company’s market cap is currently at $1.4 billion.