Shares of Prometheus Biosciences (NASDAQ: RXDX) more than tripled at one point in today’s session. This can be attributed to the strong results seen by its PRA023 drug in trials for ulcerative colitis and Crohn’s disease.
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For its ulcerative colitis trial, the drug saw a placebo-adjusted clinical remission rate of 25% while also meeting all of its secondary goals with statistical significance.
For its Crohn’s disease trial, 49.1% of patients saw clinical remission versus the placebo rate of 16%. The drug also caused a reduction in inflammation and fibrosis.
Overall, Wall Street analysts have a consensus price target of $68.33 on RXDX stock, implying over 30% downside potential, as indicated by the graphic above.