NEW YORK (TheStreet) -- Alder BioPharmaceuticals (ALDR) - Get Report stock is skyrocketing by 47.96% to $25.42 on heavy trading volume this afternoon, after the company announced that its experimental injection to prevent migraines met the main goal in a mid-stage study.
The biopharmaceutical company's drug ALD403 reduced migraine days by at least 75% in 41% of patients who took the highest dose, according to a statement.
Alder is competing with rival drugmakers such as Teva Pharmaceutical Industries (TEVA), Amgen (AMGN)., Eli Lilly (LLY) and Allergan (AGN), which are similarly developing migraine therapies that work by suppressing the CGRP protein, Bloomberg reports.
However, Alder's drug sets itself apart by how quickly it acts and how long its effect lasts.
"We're proposing that patients are dosed four times a year. Most other developers are looking at once-a-month dosing," CEO Randall Schatzman told Reuters, adding that separate early-stage data showed the treatment could potentially be self-administered.
The drug could win FDA approval by 2019. Alder plans to independently sell the medicine in the U.S. to target the 13 million patients eligible for migraine prevention therapy, according to Reuters.
About 9.07 million shares of Alder have been traded so far today, well above the company's average trading volume of roughly 657,064 shares per day.