Adaptimmune’s stock has seen an unprecedented jump.
Public companies’ stock prices are often sent soaring by good news. However, they don’t often double, let alone triple, in just one day. Despite that, one company just saw its prices more than triple in one day.
Adaptimmune, a pharmaceutical company, saw its stock value rocket up by 338% as the trading day came to a close on Monday. The massive increase in stock value came after the company announced four new “partial responses” (PRs) for four tumor indicators. Four patients with liver cancer, head and neck cancer, gastro-esophageal junction cancer, and melanoma were confirmed with PRs. A PR is a reduction of 30% or more in tumor size. “These responses demonstrate that our proprietary SPEAR T-cell platform is clearly active and can overcome the challenges of treating a range of solid tumors with a T-cell therapy product,” Adaptimmune CEO Adrian Rawcliffe said in the statement.
Adaptimmune stocks have shot up as a result of the outstanding news. According to the company, more trials will be required to find out which therapies are best suited for more development. For now, Adaptimmune stocks are up over 300% year-to-date. The stock’s price was $1.33 on the NASDAQ at 4:00 PM on Friday, but rose to a new high of over $5.17 at noon on Monday.