ACHN stock is one of the top performing biotech stocks so far in 2019. Shares of Achillion Pharmaceuticals (NASDAQ:ACHN) are up over 115% since early January amid several key clinical updates.
In Wednesday’s session, Achillion Pharmaceuticals’ stock moved up by 4.78%, to close at $3.29, following an announcement that it reached threshold enrollment in vital Phase 2 clinical studies.
The two Phase 2 clinical studies will evaluate the safety and efficacy of the ACH-4471 developmental treatment targeting a rare kidney illness called C3 glomerulopathy (C3G). The biopharma announced that it reached its enrollment capacity for the two Phase 2 clinical studies. The news seems to have rubbed investors the right way because ACHN stock surged by 4.78% on Wednesday, closing the day at $3.29.
Investors Respond Positively to News
One of the reasons for the positive response by investors is the fact that the threshold enrollment represents a key milestone for Achillion and ACHN stock. Impressive turn up in the enrollment will allow the company to complete its six-month, double-blind controlled Phase 2 study in Q4 2019. The second trial will run for 12 months and will be open-label, meaning trial investigators and patients will know about the treatment being administered.
Achillion CEO Joe Truitt stated that the two clinical trials will bring the company closer to testing out its first-gen factor D inhibitor in subjects diagnosed with C3 Glomerulopathy. The company also plans to present data collected from the two clinical trials to the US Food and Drug Administration (FDA) in Q4 2019.
Achillion’s Future Plans for ACH-4771
Achillion has a lot riding on the ACH-4771 treatment because it is its main pipeline drug. The biopharma company is also working on an ACH-4771 treatment combo with another drug called Soliris, developed by Alexion Pharmaceuticals (NASDAQ:ALXN). Soliris was developed as a treatment for a rare blood illness called paroxysmal nocturnal hemoglobinuria (PNH), which Achillion has also targeted in the past.
Achillion discontinued a late-stage study in which it evaluated ACH-4771 as a PNH treatment in December last year. The move was a low blow to ACHN stock, causing a bearish performance. Achillion hopes that the two phase 2 clinical trials will be successful and if that’s the case, it will proceed to a phase 3 clinical study next year.
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