Shares of biotechnology company Roivant Sciences (NASDAQ:ROIV) are on the rise today after it announced positive results from a Phase 2b trial evaluating RVT-3101 for the treatment of moderate to severe ulcerative colitis.
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The data from the induction and chronic periods of the study demonstrated a 36% clinical remission at 56 weeks as compared to 29% at 14 weeks along with a 50% endoscopic improvement at 56 weeks as compared to 36% at 14 weeks.
Further, the drug was well tolerated across all doses and demonstrated a favorable safety profile. Importantly, this is one of the largest studies undertaken for the indication and the results support the drug’s potential as a “first-in-class anti-TL1A antibody.”
Matt Gline, the CEO of the company commented, “We were already extremely pleased by the induction data we reported in January. Our expectations for this chronic data were categorically exceeded, with significant improvements seen in patients receiving the expected Phase 3 dose across all key efficacy metrics at week 56 versus at week 14.”
Overall, the Street has a $13.30 consensus price target on Roivant alongside a Strong Buy consensus rating. Shares of the company have skyrocketed nearly 123% over the past 52 weeks.
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