Connect Biopharma Higher on Positive Phase 2 Icanbelimod Trial Data

(24/7 MARKET NEWS) – Connect Biopharma Holdings Limited (NASDAQ: CNTB) reviled, after yesterday’s market close, positive data at Week 48 from Phase 2 trial (CN002) for icanbelimod (formerly known as CBP-307), a once-daily, orally administered, selective sphingosine 1-phosphate receptor 1 (S1P1) modulator in development for the treatment of ulcerative colitis (UC).

Connect Biopharma is trading at $1.33, up $0.24 (+22.02%) 901.07K premarket shares traded.

Its 52-week range is $0.62 to $2.08. If the trading volume can strengthen, this doesn’t have too much resistance between here and $1.75.

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