Investing.com -- Shares of Jasper Therapeutics, Inc. (Nasdaq: JSPR) plummeted over 40% following the release of data from its BEACON study of Briquilimab in Chronic Spontaneous Urticaria (CSU). Despite the company reporting positive preliminary data, the significant stock decline suggests investor concerns or unmet expectations.
The biotechnology firm, based in Redwood (NYSE:RWT) City, California, announced findings from its Phase 1b/2a study that indicated rapid, deep, and durable clinical responses in CSU patients treated with briquilimab. The study showed a mean change in UAS7, a measure of urticaria activity, of -26.6 in the 240mg single dose cohort at 8 weeks, with multiple dosing regimens of 120mg or more demonstrating UAS7 changes of over -25 points.
Complete Responses, defined as a UAS7 score of zero, were observed in 100% of the 240mg single-dose cohort at 8 weeks, and 66% maintained Well Controlled disease at 12 weeks. Additionally, serum tryptase levels, an indicator of mast cell activity, were significantly reduced at multiple dose levels.
Despite these positive results, Jasper's stock experienced a sharp decline. The reason behind the market's negative reaction is not immediately clear from the company's press release. The data also supports the commencement of a CSU registrational program expected to start in the second half of 2025.
Jasper's Chief Medical (TASE:PMCN) Officer, Edwin Tucker, expressed optimism about the potential of briquilimab as a leading treatment for CSU, highlighting the drug's favorable safety profile and the profound reduction in UAS7 from baseline observed in the study. Ronald Martell, President and CEO of Jasper, reiterated the company's commitment to advancing briquilimab in mast cell driven diseases, with additional data from the BEACON study anticipated by mid-2025.
The BEACON study is a randomized, double-blind, placebo-controlled trial evaluating the safety, tolerability, and clinical activity of briquilimab. The preliminary data included results from 49 participants who completed at least 12 weeks of follow-up. The study's primary endpoints focus on safety and tolerability, while secondary endpoints assess clinical activity and pharmacokinetics/pharmacodynamics.
Despite the promising clinical data, the over 40% drop in Jasper's stock price indicates that investors may have reservations about the study results or the company's future prospects. As the market digests the information, the full impact of the BEACON study on investor sentiment and Jasper's stock remains to be seen.
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