Chemomab Therapeutics (NASDAQ:CMMB) has soared the charts this morning, up 8.17% at the time of the last check to trade at $21.47. Yesterday, Chemomab stock closed at $19.85. There were 143K shares traded for CMMB stock, versus a volume average of 296.96K shares from the past three months.
Over the course of the day, the CMMB stock fluctuated between $22.00 and $23.28. There has been an increase in the CMMB stock recently, despite the absence of any current news.
What happened recently?
Chemomab is a research-and-development biotech company focusing on the discovery and development of novel therapeutics for diseases associated with excessive fibrosis. A monoclonal antibody designed to bind and block CCL24 activity, CMMB developed CM-101 based on the soluble protein’s unique role in promoting fibrosis and inflammation.
Two Phase 2 clinical trials of Chemomab with CM-101 are ongoing in parallel with the aim of demonstrating efficacy for life-threatening indications of inflammation or fibrosis, and preliminary results are expected by the end of next year.
Recently, Chemomab announced enrollment of the first patient in its Phase 2b study of CM-101 in patients with Non-Alcoholic Steatohepatitis (NASH).
Humanized monoclonal antibody CM-101 is the first of its kind. It blocks the chemokine CCL24 activity that causes inflammation and the promotion of fibrosis. Based on the results from this study, CMMB’s subcutaneous delivery of CM-101 will be validated.
Subcutaneous formulations may be considered for use in CMMB’s clinical trials for Primary Sclerosing Cholangitis (PSC) and Systemic Sclerosis (SSc) if successful. The Phase 2 PSC trial for Chemomab (CMMB) is now in progress, and CMMB will also start one in SSc in the second half of 2021.