KNSA - Why Shares of Kiniksa Pharmaceuticals Jumped Tuesday
2023-07-25 13:06:13 ET
Shares of Kiniksa Pharmaceuticals (NASDAQ: KNSA) were up more than 27% just before noon on Tuesday after the company reported second-quarter earnings. The stock is up more than 27% so far this year.
Kiniksa is a biotech company that focuses on therapies to treat cardiovascular and autoimmune diseases. On Tuesday, before the market opened, the company reported Q2 earnings that showed strong growth. This is thanks to its first marketed therapy, Arcalyst. This drug treats pericarditis, which causes inflammation in the sac that surrounds the heart.
The drug was approved in March 2021 by the U.S. Food and Drug Administration (FDA) and launched by Kiniksa in August 2021. Kiniksa reported quarterly revenue of $71.5 million, up 165% year over year. The revenue included $54.5 million from Arcalyst sales and $17 million from license and collaboration revenue.
For further details see:
Why Shares of Kiniksa Pharmaceuticals Jumped Tuesday