|Dyax Corp.(NASDAQ:DYAX) Surges 55% on potential of new drug|
|By Josh Gee|
|Thursday, 02 April 2015 15:38|
Angioedema drug related positive related during early testing stages led to surge of 55% in the shares of Dyax Corp.(NASDAQ:DYAX) on Wednesday as one of the analyst was wondering if the firm had been able to find a cure for the ailment.
Dyax increased by over 40% in after-hours trading on Tuesday and kept rising steadily even on Wednesday.
RBC Capital Markets analyst Michael Yee had stated that the company’s tests were all above the general expectations and he reconfirmed that the drug is the best for HAE” treatment. Besides this, he raised the price target on shares to $31.
Yee stated that Dyax has been impressive and demonstrates the proof that it can prevent all HAE attacks. The drug is known as DX-2930 and was discovered to remove all blows pertaining to hereditary angioedema after taken at doses of 300 milligrams.
HAE is a rare blood disorder that leads to swelling of face, feet, hands as well as respiratory system ultimately leading to death. The company officials feel that treatment would get fast-track designation for rapid approval from U.S. Food and Drug Administration.
Presently, the ailment is treated with Cinryze, a product of Shire. Cinryze was formed by ViroPharma and it was sold to Shire in 2013 for $4.2 billion. It now accounts for $600 million in annual revenue from the drug. U.S.-listed shares of Shire.
Wedbush Securities Heather Behanna felt that the drug was tested on only 37 people but still doubled her 12-month price target to $35 a share from $18.
She added that Cinryze, the current [HAE] therapy, lessens attacks by about 50%; if these data are confirmed, then DX-2930 would cannibalize the Cinryze market.