NEW YORK (TheStreet) -- The shares of drug maker Dyax (DYAX) are surging after the company last night reported data from a Phase 1b clinical trial of its DX-2930 drug, a treatment for hereditary angioedema, or HAE. The disease is a rare genetic disorder characterized by episodes of swelling in different areas of the skin or the internal organ. A number of analysts reacted to the news by significantly raising their price targets on Dyax's stock in notes to investors earlier today.

WHAT'S NEW: Dyax last night reported that, in the study, the HAE attack rate of patients taking the 300 mg dose of its drug were 100% lower than those taking placebo. The HAE attack rate of patients taking the 400 mg dose of its drug were 88% lower than those taking placebo, Dyax added.

ANALYST REACTION: Jefferies analyst Biren Amin raised his price target on Dyax to $31 from $18, saying that DX-2930 could become the next standard of care in HAE. Most investors would have been pleased if the company's drug had lowered attacks by 35%-50%, wrote the analyst, who kept a Buy rating on the shares. RBC Capital analyst Michael Yee also hiked his price target on the shares to $31 from $18, saying that the results were impressive and clearly showed proof of concept evidence that the company's drug can reduce or prevent nearly all HAE attacks. The drug has an 85% chance of succeeding, added Yee, who kept an Outperform rating on he shares, and believes that the stock could reach $35-$39 if everything goes well for Dyax. Oppenheimer analyst Akiva Felt hiked his price target on Dyax to $26 from $14.as he believes that the data represented a best-case scenario. Investors were anticipating a much smaller reduction in HAE attack rates and the drug has made a giant leap toward becoming the best-in-class prophylactic HAE treatment, added Felt, who kept an Outperform rating on the stock.

WHAT'S NOTABLE: Dyax's DX-2930 competes with BioCryst's (BCRX) - Get Report oral kallikrein inhibitor BCX4161 and shares of BioCryst could see additional weakness in the near-term following Dyax's report, JPMorgan wrote in a note to investors today. However, the firm thinks that BioCryst's stock can rise significantly heading into key catalysts in the second half of the year and kept an Overweight rating on the name. Similarly, research firm Susquehanna wrote that Dyax's positive results will threaten Shire's (SHPG) - Get Report HAE franchise, though the firm thinks that Shire has multiple pipeline drugs that it can turn into additional high margin therapies. The firm continued to recommend buying Shire's stock.

PRICE ACTION: In late morning trading, Dyax soared 48% to $24.80, while Shire lost 2% to $234 and BioCryst gained 4.5% to $9.44.

Reporting by Larry Ramer.

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