Shares of Prometheus Biosciences Inc. soared 177.0% in premarket trading on Wednesday after the company said it will advance an experimental therapy into Phase 3 clinical trials for ulcerative colitis and Crohn’s disease next year. The treatment, PRA023, was both safe and efficacious in a pair of Phase 2 clinical trials for the same conditions, Prometheus said in a news release. The full data from both mid-stage studies is expected to be shared at a medical meeting in the future. Prometheus “now has a meaningfully de-risked program with first-in-class/best-in-class potential in both UC and CD,” SVB Securities analyst Thomas Smith told investors on Wednesday. Prometheus shares are down 8.8% this year, while the S&P 500 has declined 17.1%.
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