Why iBio Shares Are Exploding Higher Friday

iBio Inc IBIO shares are trading higher by 85.28% to $1.39 Friday morning after the company announced MUC16 as its latest immune-oncology target program.

What Else?

The company says MUC16 is a well-known cancer target often overexpressed in several types of solid tumors, including ovarian, lung and pancreas cancers.

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Specifically, MUC16 is a large extracellular protein expressed on more than 80% of ovarian tumors. Tumor cells can evade immune attack by shedding or glycosylating MUC16, making it difficult for traditional antibody therapies to effectively target and destroy the cancer cells.

"The targeting of a very specific, patho-physiologically relevant, region of MUC16 is a testament to the versatility of our AI technology, as it successfully shows it can be applied to a broad range of targets," said iBio's Interim Chief Executive Officer and Chief Scientific Officer, Martin Brenner.

"This success adds to the growing list of target classes to which we have made differentiated antibodies using our patented epitope steering technology."

According to data from Benzinga Pro, iBio has a 52-week high of $16.51 and a 52-week low of $0.36.