Shares of biopharmaceutical company Aridis Pharmaceuticals (NASDAQ:ARDS) are soaring higher today after the company announced preliminary top-line results from a Phase 2a trial evaluating AR-501 for the treatment of cystic fibrosis.
The trial evaluated AR-501 as an inhaled aerosol for safety and pharmacokinetics in three different doses. The once-a-week regimen met the primary and secondary endpoints and no serious adverse events were observed in the participants.
Further, the drug showed an over 10-fold increase in respiratory intake of AR-501 than earlier intravenous studies. The data provides a basis for a large efficacy study and the company is now looking forward to definitive next study planning and discussions with the U.S. Food and Drug Administration as well as the European Medicines Agency.
Overall, Wall Street has a consensus price target of $10 on ARDS. This implies a nearly 20x upside in the stock but that’s after a nearly 69% slide in the share price over the past year.
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