William Blair’s Tim Lugo said the company is taking “a leadership position in the eosinophilic gastrointestinal disease market.” The study assessed the medicine in 59 patients with eosinophilic gastritis and/or eosinophilic gastroenteritis, rare diseases that impact the stomach and gastrointestinal tract.
Bearish bets against the Palo Alto, California-based company remain elevated compared to peers, with short interest at 28% of float, according to financial analytics firm S3 Partners, down from its year highs of 31% in January.
Announced positive results from the Phase 2 trial of AK002 in patients with eosinophilic gastritis (EG) and/or eosinophilic gastroenteritis (EGE), diseases for which no treatments are specifically approved; in the trial, all AK002 dose arms showed clinically meaningful and statistically significant benefits vs placebo on all prespecified primary and secondary endpoints; statistically significant differences in patient symptoms between the active and placebo groups occurred one day following AK002 administration. Co plans to initiate studies in EG/EGE and eosinophilic esophagitis in the first quarter of 2020. Moves to all-time highs.
All AK002 dose arms showed clinically meaningful and statistically significant benefits compared to placebo on all prespecified primary and secondary endpoints, including gastrointestinal tissue eosinophil counts and patient reported disease symptoms. Statistically significant differences in patient symptoms between the active and placebo groups occurred one day following AK002 administration. In addition, patients with comorbid eosinophilic esophagitis treated with AK002 experienced statistically significant decreases in esophageal eosinophil counts and substantial reductions in patient reported dysphagia symptoms.
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