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RXDX shows promising results in irritable bowel disease

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Prometheus Biological Sciences (RXDX) reported promising results for one of its drugs in two studies on inflammatory diseases on Wednesday, and RXDX stock rose by triple digits.




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The company studied its drug, now called PRA023, in patients with ulcerative colitis and Crohn’s disease, which are two types of irritable bowel disease. More than a quarter of patients with ulcerative colitis and about half of the Crohn’s disease group entered remission after 12 weeks of treatment.

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Gregory Renza, an analyst at RBC Capital Markets, said in a note to clients that the results exceeded Prometheus’ expectations. Now, Prometheus is planning to conduct its final-stage studies in 2023.

“Netnet results exceeded our expectations,” he said. They provide “a major proof-of-concept in IBS, early validation of a biomarker strategy and a positive readout (ulcerative colitis dataset II) now set for the second quarter of 2023.”

In the morning work on stock market today, RXDX stock rose 181.6%, near 101.50. Stocks set a record opening.

RXDX Stock: Ligand Targeting

Prometheus is an antibody that binds to TL1A, an inflammation-related ligand. The company hypothesized that blocking this ligand — a molecule that binds to a receptor — would relieve symptoms in patients whose bodies make too much of it.

After 12 weeks, 26.5% of patients with ulcerative colitis had achieved remission, compared with 1.5% in the placebo group. RBC’s Renza said this “comfortably beats” Prometheus’ expectations of a 10%-15% improvement. The company attributes the placebo response to the severity of the patient group.

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In testing for Crohn’s disease, 49.1% of patients entered remission and 26% had an endoscopic response. The latter means that doctors did not find inflammation in the patients’ intestines after treatment.

PRA023 was positive for stock RXDX, Renza said, which also showed statistical significance for all secondary targets of the studies.

Thomas Smith, an analyst with SVB Securities, notes that the drug showed “a clear profile of safety/tolerance in both studies.” There were no serious side effects related to the treatment. He rates RXDX stock as an outperformer.

Overcoming recent negative pressure

It is important to note that the RXDX arrow has turned down on the data reading. News followed Pfizer (PFE) And the Spiritual sciences (ROIV) will set up a company to sell the TL1A-targeting antibody. Their drug is currently in mid-stage development for ulcerative colitis.

“We believe (Wednesday’s) positive reception could add to the negative pressure we saw last week from the development of the Pfizer/Roivant competitor,” said RBC’s Renza.

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It has maintained its outperform rating on the stock.

Follow Allison Gatlin on Twitter at @tweet.

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MicroStrategy is at its lowest level since 2020 after the sales were revealed

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(Bloomberg) — Shares of MicroStrategy touched their lowest level since August 2020 after the enterprise software company, which in recent years has been known as the largest buyer of bitcoin, revealed its first sale of the token.

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The stock fell 1.1 percent to $136.63 on Thursday, down 75 percent this year. Bitcoin rose less than 1% to around $16,590 and is believed to have fallen 64% since the start of the year.

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In a filing on Wednesday, MicroStrategy said it acquired approximately 2,395 Bitcoin between the beginning of November and December 21 through its subsidiary MacroStrategy, and paid out approximately $42.8 million in cash. It then sold 704 of the tokens on Dec. 22 for a total of about $11.8 million, citing tax purposes, before buying another 810 of them two days later.

Matt Malley, chief market strategist for Miller Tabak + Co. Step down as CEO. This news means they don’t seem to want to do that anytime soon.”

Overall, MicroStrategy held about 132,500 bitcoins worth over $4 billion USD as of December 27th. The company paid an average purchase price of $30,397 per bitcoin.

“Given MicroStrategy’s $2.4 billion in leverage, we believe the company may have a lot of leverage over Bitcoin, and may face some liquidity risk,” Jefferies analyst Brent Thiel wrote in a note on Wednesday. Thill has an “underperform” rating on the stock and a price target of $110.

Over the years of the pandemic, MicroStrategy has become well known for its Bitcoin takeovers, largely led by Saylor. Earlier this year, Saylor stepped down from that role and now serves as CEO at the company and continues to lead its bitcoin strategy.

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MicroStrategy was trading around $120 before Saylor first announced the company’s Bitcoin purchases in 2020. The stock reached an all-time high of $1,315 in February 2021.

(Updates to include the stock’s closing price in the second paragraph.)

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Bankman-Fried May File Petition in New York Federal Court Next Week Before Judge Louis Kaplan By Cointelegraph

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Former FTX CEO Sam Bankman-Fried is set to appear in court on the afternoon of January 3 to enter a lawsuit over two counts of wire fraud and six counts of conspiracy against him related to the collapse of cryptocurrency exchange FTX, according to Reuters. mentioned on December 28, citing court records. Bankman-Fried will appear before District Judge Lewis Kaplan in Manhattan.

Judge Kaplan was appointed to hear the case on December 27 after the original judge in the case, Ronnie Abrams, Resigned herself because of connections between FTX and the law firm Davis Polk & Wardwell, where her husband is a partner. The company provided advisory services to FTX in 2021.