- The DICE stock jumped over 78 per cent on Tuesday, October 11.
- The company announced positive data from its Phase 1 clinical trial of psoriasis treatment.
- At its current trading price, its price soared around 80 per cent YoY.
Stocks of DICE Therapeutics, Inc. (NASDAQ: DICE) appeared to be on market participants' radar on Tuesday, October 11, as seen by the notable jump in its trading price in the morning hours. The price of the DICE stock shot up more than 78 per cent on October 11.
Some investors might be looking for catalysts that may have driven the rally in the DICE price. Let's explore the recent developments of the company and see how it has contributed to its recent gains:
Why is DICE Therapeutics rising?
DICE Therapeutics is a biopharmaceutical firm that leverages its technology platform to develop novel oral therapeutics for treating chronic diseases, especially in immunology and other healthcare areas.
On Tuesday, the stock of the South San Francisco-based healthcare company began to surge and reached over 78 per cent, following its announcement of positive topline data from its Phase 1 clinical trial of its experimental psoriasis treatment, DC-806.
DC-806 is an oral molecule antagonist of cytokine IL-17 that is used to treat psoriasis. The company claims that it was the first-in-human trial that focuses on generating safety and pharmacokinetic data in healthy volunteers.
Meanwhile, the trial was done in three overlapping stages, which are Phase 1a involving a single ascending dose, Phase 1b involving multiple ascending doses, and Phase 1c which involves proof-of-concept in patients.
The company said that it had achieved proof-of-concept in its trial, which would further support the development of DC-806. Meanwhile, both of the therapeutic doses were seen as biologically active by analyzing well-precedented biomarkers.
Source: ©Kalkine Media®; © Canva Creative Studio via Canva.com
The trading price of the DICE stock jumped 78.84 per cent at 9:43 am ET on October 11, to trade at US$ 44.085 on Tuesday, October 11, while its volume was about 4.88 million. The DICE stock had closed at US$ 24.65 in the previous session.
The US$ 1.65 billion market cap company reported a net loss of US$ 21.52 million in Q2 FY22, while no revenue was recorded in that period. In the year-ago quarter, the pharmaceutical company incurred a net loss of US$ 7.36 million on revenue of US$ 1.12 million.
Meanwhile, the current trading price of the stock has crossed its last 52-week high of US$ 38.18 noted on November 18 last year.