Shares of Prometheus Biosciences (NASDAQ: RXDX) nearly tripled on Wednesday, Dec. 7, 2022. Investors were cheering for some surprisingly good news regarding the clinical-stage biotechnology company's lead candidate.
Prometheus Biosciences' stock price rocketed higher thanks to signs that suggest its lead candidate, called PRA023, could become a new blockbuster drug with billions in annual sales. Of course, forward-looking investors want to know if the stock can continue climbing in 2023 and beyond. Here's what everyone should know about Prometheus and its road ahead.
Prometheus stock recently exploded higher in response to results from phase-2 trials involving two types of inflammatory bowel disease. A stunning 26.5% of ulcerative colitis patients treated with PRA023 achieved clinical remission compared to just 1.5% of those who received a placebo.
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Is Prometheus Biosciences a Good Stock to Buy Right Now?