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Shares of Agios Pharmaceuticals briefly popped more than 8 percent Monday after reporting encouraging data on its lead drug, AG-348, which could treat a rare inherited disease called PK deficiency — a disease characterized by accelerated destruction of red blood cells.
The stock ended the day up more than 3 percent.
The data were presented in a Saturday report.
"People with PK deficiency suffer from chronic anemia and a range of other complications brought on by both their disease and existing supportive therapies, including blood transfusions and splenectomy," noted Dr. Rachael Grace, a principal investigator for the study, in the report.
"These data are exciting for the hematology community and patients, as they demonstrate the potential for AG-348 to provide the first disease-modifying treatment with impressive and prolonged increases in hemoglobin levels," she said.
As of March 27, 18 patients had been treated with AG-348 for at least three weeks, Agios said. Three of the 18 patients had completed 24 weeks of treatment with either 50 or 300 milligrams twice daily, according to the report.
The drug developer is also testing another drug, AG-519, for the same disease.
Agios stock has fallen sharply this year, down nearly 20 percent.