BUZZ-HCW Biologics rises as US FDA approves trial for hair loss treatment

Shares of drug developer HCW Biologics HCWB.O rise 252% to 97 cents

HCWB says it received U.S. FDA's clearance to start clinical trial for treatment of moderate-to-severe alopecia areata, which is an autoimmune disease that causes sudden hair loss

HCWB says drug HCW9302 is protein therapy that helps reduce inflammation and promote hair growth

Co says if trial is successful, HCW9302 may also be used to treat other diseases, including skin conditions, arthritis, and diabetes

More than 154 mln shares traded, 578x their 25-day moving average

HCWB shares fell 62.5% in 2024