Shares of specialty pharmaceutical company Kiora Pharmaceuticals (NASDAQ:KPRX) are soaring today after the company’s investigational new drug application for a Phase 2 trial of KIO-101 received approval.
The drug is being targeted for the treatment of the ocular presentation of rheumatoid arthritis as also other autoimmune diseases. The trial will enroll about 120 patients to assess the safety and efficacy of the KIO-101 eye drops.
Enrolments are anticipated to begin in H1 2023 and the drug can potentially affect the local immune response in the eye which is responsible for signs and symptoms of autoimmune diseases.
Overall, Wall Street has a consensus price target of $10 on KPRX, implying a massive 204.88% potential upside in the stock. That’s after a ~88% slide in the company’s share price over the past year.
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