Jasper Therapeutics Shares Drop Following Study Data Release
Jasper Therapeutics, Inc. (Nasdaq: JSPR) shares fell over 40% following the announcement of data from the BEACON study on the treatment of Chronic Spontaneous Urticaria (CSU) with Briquilimab. Despite the company reporting positive preliminary data, this significant drop in the stock indicates investors' concerns or unmet expectations.
The Redwood City, California-based biotechnology firm stated that findings from the Phase 1b/2a study showed rapid, deep, and sustained clinical responses in CSU patients treated with Briquilimab. The study reported an average change of -26.6 in UAS7, a measure of urticaria activity, in the 240mg single-dose cohort over 8 weeks, with changes above -25 observed in multiple-dose regimens of 120mg or more.
Complete Responses, defined as a UAS7 score of zero, were observed in 100% of the 240mg single-dose cohort at 8 weeks, with 66% maintaining Good Control of their disease status at 12 weeks. Additionally, serum tryptase levels, an indicator of mast cell activity, significantly decreased at multiple dosing levels.
Despite these positive results, Jasper's stock experienced a sharp decline. The reason for the market's negative reaction is not immediately clear from the company's press release. The data also supports the initiation of a CSU enrollment program expected to start in the second half of 2025.
Jasper's Chief Medical Officer Edwin Tucker expressed optimism about Briquilimab's potential as a leading treatment for CSU, highlighting the drug's positive safety profile and the significant reductions observed in UAS7. Jasper's President and CEO Ronald Martell reiterated the company's commitment to advancing Briquilimab in mast cell-driven diseases and noted that additional data from the BEACON study is anticipated by mid-2025.
The BEACON study is a randomized, double-blind, placebo-controlled trial assessing the safety, tolerability, and clinical activity of Briquilimab. Preliminary data include results from 49 participants who completed at least 12 weeks of follow-up. The primary endpoints of the study focus on safety and tolerability, while secondary endpoints evaluate clinical activity and pharmacokinetics/pharmacodynamics.
Despite the promising clinical data, the over 40% drop in Jasper’s stock price suggests that investors may have concerns regarding the study results or the company's future prospects. As the market digests this information, the full impact of the BEACON study on investor sentiment and Jasper’s stock remains to be seen.