Dyax Shares Jump On Drug Study, FDA Fast-track Status

Shares of Dyax Corp. jumped in the extended session Tuesday after the biotech reported promising results for its treatment of a rare inflammatory condition. Dyax shares rallied 38% to $23.14 on heavy volume. In an early-stage study, the company said its drug DX-2930 was found to be safe in patients with hereditary angioedema, a condition of painful swelling in the extremities, gastrointestinal tract, genitalia, and larynx. The study also found early signs the drug reduced attacks in patients enrolled so far. Dyax said the Food and Drug Administration gave the drug a Fast Track designation, which speeds up the review time for treatments that address an unmet need.