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Celldex Therapeutics (NASDAQ:CLDX) Stock Rockets 200% This Week On Encouraging Data

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It is often noticed that biotech or pharmaceutical stocks go up or down in a significant way depending on testing data with regards to the products under development. That is what happened with the Celldex Therapeutics, Inc’s (NASDAQ:CLDX) stock over the course of this week ever since the company made a major announcement on Monday.

Major News

Celldex announced encouraging results from the phase 1 clinical trial of its product CDX 0159, which is a KIT inhibitor. The test was conducted on 32 volunteers who were in good health. The data revealed that one does of the product resulted in the suppression of tryptase, an enzyme that is released from mast cells.

The tryptase suppression indicated that CDX 0159 could help in the suppression of mast cells and help in engaging with the target. This is a major milestone for Celldex, and the significance of the data was not lost on market participants. Following the announcement, the stock rallied by as much as 200% through the course of the week so far, and it is going to be interesting to observe whether it can add to its gains in the coming days. Investors could do well to keep an eye on the Celldex stock today.

However, that is not all. The product also managed to demonstrate a favorable safety profile, and when it comes to medicine, that is a significantly important factor. The Chief Medical Officer and Senior Vice President of the company, Diane C. Young, stated that the results support the company’s aim to go for the fast advancement of the CDX 0159 product into the next stages of clinical studies.

She went on to state that the company is looking forward to initiating a range of studies into the product later this year. It seems that Celldex is going to advance at a fair pace with regards to product development, and that could open up opportunities for investors. Sign up below for breakout alerts and other insider tips from Oracle Dispatch.

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