Dyax Corp. (DYAX) is trading at unusually high volume Wednesday with more than 9.4 million shares changing hands. It is currently at 10x its average daily volume and trading up $9.00, or nearly 54%, at $25.63 as of 9:57 p.m. ET. Dyax on Tuesday said Phase Ib trial of the company’s DX-2930 drug met safety goals and demonstrated statistically significant reductions in attack rates of hereditary angiodema [HAE], a rare disease.
“These data provide important clinical proof-of-concept, dose response and safety information in the target patient population,” said in a statement Burt Adelman, M.D., Executive VP of R&D and Chief Medical Officer at Dyax. “The study met all of its primary objectives, and notably, DX-2930 also demonstrated statistically significant reductions in attack rate compared to placebo, an important characteristic for a prophylactic treatment”.
The Burlington, Massachusetts-based biopharmaceutical firm also announced receipt of Fast Track designation from the FDA for the investigation of DX-2930 for HAE.
Following the news, Dyax was raised to ‘Market Perform’ with a $25 from $16 price target, versus a prior $16.75 close, at Leerink Partners.