Protagonist Therapeutics rises as bowel disease drug succeeds mid-stage study

Drug developer Protagonist Therapeutics' PTGX.O shares rise 30.4% to $50.02

PTGX says the mid-stage study of all three doses of once-daily experimental drug, icotrokinra, conducted by its collaboration partner Johnson & Johnson JNJ.N met its main goal in patients with ulcerative colitis

Ulcerative colitis, a form of inflammatory bowel disease (IBD), is a condition in which the lining of the large intestine (colon) and rectum become inflamed

Co says the study showed significant improvements over placebo in clinical recovery, symptom relief, and showed reduction in signs of disease severity within 12 weeks

Co says the study achieved a response rate of 63.5% vs 27% for placebo

PTGX had risen 24.2% in the past 12 months, as of last close