Shares of 4D Molecular Therapeutics surged by 76% to $30.83 following the company’s announcement of positive interim data from its Phase 2 clinical trial for the evaluation of intravitreal 4D-150 in patients with wet age-related macular degeneration.
Impressively, the stock reached its 52-week high of $35.61 earlier on Monday, marking a significant 35% increase over the past year.
Post the release of this news, RBC Capital raised its price target for the stock to $35 per share from $25 per share, while continuing to maintain an outperform rating on 4D Molecular shares.
The company’s statement highlighted that results from both the Phase 1 and interim results from Phase 2 cohorts of the study affirm the positive tolerability of 4D-150 and its ability to sustain stable visual acuity in previously treated high-need patients.
Furthermore, the study also revealed that 4D-150 substantially reduces the treatment burden while effectively controlling disease activity without fluid fluctuations.
Excitingly, 4D Molecular is preparing to commence Phase 3 trials, taking a step closer towards potential regulatory approvals.