Shares of biopharmaceutical company Selecta Biosciences (NASDAQ:CELB) are trending today after it announced positive topline results from a Phase 3 study evaluating the safety and efficacy of SEL-212 in chronic refractory gout patients at different doses.
The U.S. as well as the global leg of the study met its primary endpoint. Importantly, response rates stood at 56% and 47% respectively in both legs of the study.
Next, the company is setting sights on the commercialization of SEL-212 and expects to file a marketing authorization application in the U.S. in H1 2024.
Overall, Wall Street has a consensus price target of $6.29 on CELB, implying a whopping 391.4% potential upside in the stock. That’s on top of an 11.3% gain in the share price so far this year.
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