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Can Eleven Bio Get Back to Even With This Study?

Eleven Biotherapeutics Inc. (NASDAQ: EBIO) was at the top of the list for gainers in the market Wednesday. This move comes on an update from the company’s most advanced study.

The company announced dose administration for the first patients in a Phase 3 study of EBI-005 for the treatment of moderate to severe allergic conjunctivitis. This phase 3 study was designed and initiated after Phase 2 was completed in October 2014 in which EBI-005 demonstrated biological activity in improving symptoms of late-phase allergic responses in patients with moderate to severe allergic conjunctivitis.

Eleven Biotherapeutics is a clinical-stage biopharmaceutical company with a proprietary protein engineering platform, called AMP-Rx, that it applies to the discovery and development of protein therapeutics to treat diseases of the eye.

EBI-005 is the most advanced product candidate in Eleven Biotherapeutics’ pipeline, a novel, topically administered interleukin-1 (IL-1) receptor blocker in development as a protein therapeutic for inflammatory diseases at the surface of the eye.

Abbie Celniker, PhD, CEO of Eleven Biotherapeutics, stated:

Patient dosing in this Phase 3 study represents a significant step forward in the clinical development of EBI-005, a drug candidate with potential for the treatment of moderate to severe allergic conjunctivitis patients who are refractory to standard of care treatments for ocular allergy. We look forward to reporting top line data from this Phase 3 study in the first quarter of 2016.

Eleven Biotherapeutics intends to initiate a second Phase 3 trial in the second half of 2016.

ALSO READ: 5 Top BioPharma Stocks That May Have Sold Off Too Much and Become Bargains

As of Tuesday’s close $2.34, shares had an incredibly poor performance; shares were down 80% year to date.

Shares of Eleven Biotherapeutics were up 85% at $4.33 on Wednesday afternoon. The stock has a consensus analyst price target of $8.00 and a 52-week trading range of $2.25 to $13.78. About 7 million shares had moved on the day with just three hours remaining in regular trading.

By Chris Lange