What happened

Shares of Constellation Pharmaceuticals (NASDAQ:CNST) were skyrocketing by 92% as of 11:03 a.m. EST on Wednesday after jumping as much as 207.5% earlier in the day. This huge jump came after the company provided its third-quarter update.

Constellation announced the publication of new data from its Manifest phase 2 clinical study evaluating experimental drug CPI-0610 in treating myelofibrosis. The company said that this new data showed "signs of encouraging clinical activity in both JAK-inhibitor-naive patients and ruxolitinib-refractory or -intolerant patients." 

So what

It's not unusual for clinical-stage biotech stocks to spike on positive pipeline news. Constellation's latest data was so promising that the company is even expanding the Manifest clinical study to examine the effects of CPI-0610 on first-line patients and second-line transfusion-dependent patients more closely.

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Image source: Getty Images.

Constellation stated that all four patients in the third arm of the study who received CPI-0610 in combination with Jakafi in a first-line setting experienced spleen volume reduction of at least 35% and a reduction in total symptom score of at least 50%. Results from patients in the other two arms of the study were presented at major conferences in June 2019.

The biotech expanded the third arm of the study to around 100 patients, up from the 43 initial patients. Constellation has also begun to plan for a potential pivotal study with CPI-0610 as a first-line treatment for myelofibrosis.

Now what

There's still a long way to go before we know how effective CPI-0610 will actually be. Constellation's pivotal study of CPI-0610 should start sometime next year. This clinical trial will be key to demonstrating the efficacy and safety of the company's experimental drug.

However, today's news is very promising. Constellation Pharmaceuticals is now certainly a stock for investors to keep their eyes on.