After a sharp sell-off in early trading shares of Epizyme Inc. (EPZM - Get Report)  rebounded Wednesday on the back of data released from a key ongoing Phase 2 study.

The Cambridge, Mass.-based firm unveiled what it cast as positive interim efficacy data from its ongoing Phase 2 study of tazemetostat as a single-agent treatment for relapsed or refractory patients that have follicular lymphoma or diffuse large B-cell lymphoma grouped by EZH2 mutational status. The data were presented at the International Conference on Malignant Lymphoma in in Lugano, Switzerland.

Data from a 62-gene panel biomarker study of tazemetostat in patients with various subtypes of non-Hodgkin lymphoma will also be presented at the conference.

"These Phase 2 interim data continue to confirm the activity of tazemetostat in patients with R/R DLBCL and FL and EZH2 mutations," wrote Leerink Partners LLC'sGeoffrey C. Porges in a note Wednesday morning. "Our initial take on the data are positive."

The analyst has a $31 price target on Epizyme, which traded at $12.75 per share midday Wednesday, up about 25 $1.26, or 14%, from market open. Shares has traded down as much as 14% in early trading as investors digested the data.

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Meanwhile, Alexion Pharmaceuticals Inc. (ALXN - Get Report) shares rose 8.4% to $117.11 on the heels of the announcement after the market close on June 13 that the New Haven, Conn. firm has tapped Paul Clancy from Biogen Inc. (BIIB - Get Report) as its next chief financial officer.

Clancy will succeed Dave Anderson, who said in May he was planning to leave the company at the end of August. Clancy will start at Alexion on July 10 and assume the CFO post on July 31.

At Biogen, chief accounting officer Greg Covino will serve as interim principal financial officer as the Cambridge, Mass.-based firm searches for a new finance chief.

Clancy, whose career at Biogen has spanned more than 16 years, will stay with the firm through the end of the month. Clancy joined Biogen in 2001 and has held roles including vice president of business planning, portfolio management and U.S. marketing, and senior vice president of finance.

Shares of Biogen were down 3.3% to $252.81.

Among the other biotech stock movers was XBiotech Inc. (XBIT . Shares of the Austin, Texas-based firm were up 5.9% to $4.66.

Editor's note: This story was originally published at 9:23 AM and has been updated with analyst commentary.

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