Yes, CNST Has Brightened Up Stock Portfolio – Did You Ride The Rally?

Shares of Constellation Pharmaceuticals Inc. (CNST) soared as much as 200% in intraday trading, touching an all-time high of $45.42 on Wednesday, as investors were delighted by the preliminary data on CPI-0610 in myelofibrosis published in abstracts by the American Society of Hematology.

We had alerted our premium subscribers to CNST on October 3, 2019, when it was trading around $7.50. (Report titled “Will this stock brighten up investors’ portfolio?”).

The new data published in the abstract were from Arm 3 of a phase II study of CPI-0610 in combination with Ruxolitinib in JAK Inhibitor treatment naïve myelofibrosis patients, dubbed MANIFEST. Ruxolitinib, marketed by Incyte in the United States as Jakafi, and Celgene’s Inrebic are the only approved therapies for myelofibrosis.

All 4 patients on treatment with CPI-0610 in combination with Ruxolitinib experienced at least a 35% spleen volume reduction and at least a 50% reduction in total symptom score, which are the primary endpoints for these patients, as early as 3 months after treatment.

Myelofibrosis is characterized by the production of fewer red blood cells by the bone marrow, resulting in severe anemia, enlarged spleens, as well as many other physical symptoms, including abdominal discomfort, bone pain, and extreme fatigue.

The Company will present updates of clinical data from the MANIFEST trial in oral and poster presentations at the ASH annual meeting on December 9, 2019.

Meanwhile, a pivotal trial with CPI-0610 for myelofibrosis in the first-line setting is on the cards and is expected to begin in 2020.

CNST touched an intraday high of $45.42 on Wednesday, before closing at $28.10, up 90.25%.

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