Dyax (DYAX) Shares Soar On Positive Drug Test

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.

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