ALVR - Why Shares of AlloVir Jumped This Week
2023-06-09 11:04:53 ET
Shares of AlloVir (NASDAQ: ALVR) are up more than 48% for the week as of Friday morning, according to data provided by S&P Global Market Intelligence . The healthcare company closed last week at $3.96, then rose to as high as $6.12 on Wednesday. The stock's rise coincided with positive phase 2 trial final data regarding its lead therapy.
AlloVir is a clinical-stage biotech whose lead therapy, posoleucel, is an allogenic off-the-shelf multivirus-specific T-cell therapy. According to a presentation given Sunday by AlloVir at the American Transplant Congress in San Diego, posoleucel was effective in treating in adult kidney transplant recipients who had BK virus infection (BKV). There are no effective treatment options currently for BKV. Of the 90,000 estimated kidney transplant recipients every year in the U.S., roughly 20% of them are infected with BKV.
The company said posoleucel caused greater BKV-specific T-cell activity than a placebo 24 weeks after therapy was administered. The company also said it plans to continue phase 3 enrollment for the therapy's trials and expects to meet with the Food and Drug Administration to design a study to look at posoleucel as a preventative for BKV infection in kidney transplant patients.
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Why Shares of AlloVir Jumped This Week