Corbus Pharmaceuticals stock more than doubles after positive drug trial results

Shares of Corbus Pharmaceuticals Holdings Inc. more than doubled in premarket trade Monday, after the drug maker announced positive results from a trial of its treatment for systemic connective tissue disease. A Phase 2 trial of Resunab for the treatment of diffuse cutaneous systemic sclerosis was safe and met its efficacy endpoints. "The positive results of this study exceed our expectations and validate the unique mechanism of action of JBT-101," said Chief Executive Yuval Cohen. "We look forward to the next stages in the clinical development of this drug." The stock soared 114% toward the highest price seen since the company went public in late 2014. It has rocketed nearly 4 fold so far this year, while the SPDR S&P Pharmaceuticals ETF has tumbled 19% and the S&P 500 has gained 5.9%.

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