Shares of Aclaris Therapeutics Inc. ACRS,
increased by more than 200% to a maximum of 2 1/2 years, on a massive volume, at noon trading on Tuesday, after the biopharmaceutical company announced “positive” data from a phase 2a study of its treatment for rheumatoid arthritis . The stock increased by 211.1%, putting it on the highest path since the end of July 2018, to pace all the winners on major US stock markets. Trading volume increased to 79.7 million shares, compared to the all-day average of about 859,000 shares. The company said the phase 2a multicenter study was randomized, patient-blind, sponsor-neorbital, and placebo-controlled, and the primary endpoint was the safety and tolerability of ATI-450, an oral MK2 inhibitor. In the study, the company said that ATI-450 is generally well tolerated, has no serious adverse events and has demonstrated lasting clinical activity. Aclaris General Medical Director David Gordon said he believes the data support the hypothesis that MK2 inhibition is an important target for the treatment of immuno-inflammatory diseases and look forward to advancing ATI-450 to phase 2b. The stock has more than quadrupled (up 305.5%) in the last three months, while iShares Nasdaq Biotechnology ETF IBB,
increased by 19.4% and the S&P 500 SPX,
gained 10.6%.