Celldex Therapeutics (CLDX) unveiled bullish test results for its hives treatment on Friday, and CLDX stock flew to a three-year high on Monday.
The company tested its treatment, dubbed CDX-0159, in 19 people who develop hives when exposed to cold or light pressure/rubbing from clothing. All but one patient completely responded.
The results were “stunning,” said Marcus Maurer, a Berlin-based professor of dermatology and allergy who ran the clinical study. Individuals with chronic hives go to great lengths to avoid triggers, he said in a written statement.
But “many find it impossible to do so and are impacted by severe itching and burning hives that impair all parts of their lives — their work, their concentration, their sleep and their social behavior,” he said. “CDX-0159 clearly provided a real benefit to these patients and has meaningfully improved their lives.”
In morning trading on the stock market today, CLDX stock rocketed 35% near 43.80.
CLDX Stock Soars On Hives Med
Patients received a single intravenous infusion of CDX-0159. That included 11 who develop hives when exposed to cold and nine who have hives resulting from the pressure of clothing.
The 10 cold-hives patients responded completely. This means their hives didn’t appear when exposed to cold temperatures. Eight out of nine patients in the second group had complete responses. The ninth patient still had a partial response to Celldex’s treatment.
Most patients in the cold group had a complete response within one week. In the clothing group, the complete responses were mostly seen by the fourth week. The responses were also durable, lasting more than 77 days for the cold-hives group and more than 57 days for the clothing group.
Shares Top Profit-Taking Zone
The results indicate CDX-0159 could be used in other skin disorders, Celldex said in a press release — prompting CLDX stock to soar higher.
One patient with hives that develop from clothing pressure also breaks out in hives in hot temperatures. In the study, hives resulting from hot temperature showed a “notable improvement,” Celldex said in a news release. Celldex is planning to begin a study in the latter condition in the fourth quarter.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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