NEW YORK (GenomeWeb News) – Shares of Compugen jumped 35 percent in early Monday trade on the Nasdaq after the firm announced that it had a new drug target for multiple epithelial tumors using its Monoclonal Antibody Targets Discovery Platform.
The firm's stock rose $1.42 to $5.50 within the first 20 minutes of the market's open. It was the second such spike in Compugen's stock within the past week.
Last week, its shares rose 62 percent in one day after it announced a deal to screen peptide candidates for three Pfizer drug targets.
Compugen said today that the new drug target, CGEN-671, is a membrane splice variant of CD55, a known drug target for gastric cancer for which monoclonal antibody therapies are in clinical development by others. It said that it has already filed patent applications covering the splice variant and its various therapeutic and diagnostic uses.