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Here’s Why Kaleido Biosciences Stock Is Up 27% On Tuesday

Sam Boughedda trader
Updated 5 Jan 2021

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Kaleido Biosciences (NASDAQ: KLDO) announced the completion of enrollment of 350 subjects into its controlled clinical study K031, evaluating Microbiome Metabolic Therapy candidate KB109 in the treatment of mild-to-moderate COVID-19.

In 2020 the company’s stock price gained over 60%, closing the year out at $9.10 after reaching a high of $11.89 in September.

Monday evening’s announcement has seen its shares climb over 27% to $12.01 following Monday’s close at $9.48.

“This study, which seeks to better understand the potential of KB109 in COVID-19 and expand our understanding of its applicability to other viral infections, is the largest study to be conducted by Kaleido to date,” commented Dan Menichella, President and CEO of Kaleido.

“Reaching this point of full enrollment positions us to deliver on the goal of reporting topline results later this quarter. We also continue to expect topline data from our smaller study of KB109 in the first quarter of 2021,” added Menichella.

Kaleido said KB109 was selected for evaluation in COVID-19 based on its ability to increase microbiome production of short-chain fatty acids, which act as modulators of the immune response.

Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.