Cue Biopharma rises after CUE-221 results

• Cue Biopharma (NASDAQ:CUE) shares rose after reporting positive mid-stage study results for CUE-221.
• The company said the Phase 2 trial met its primary and key secondary endpoints in hives treatment.
• Shares gained 28.9% premarket to $47.74 following the announcement.

Cue Biopharma (NASDAQ:CUE) shares gained after the company reported positive results from a mid-stage study evaluating CUE-221 as a treatment for hives.

The company said the Phase 2 study met its primary and key secondary endpoints, leading shares to rise 28.9% to $47.74 in premarket trading.

The company did not disclose additional trial data in the initial announcement, while investors continued monitoring progress of the CUE-221 program and other business developments.

Following the announcement, Cue Biopharma's share price was up 28.9% at $47.74 in premarket trading.

Cue Biopharma develops therapies designed to modulate immune system responses, with its pipeline focused on immune-related diseases.

Earlier in the month, the company reported that second-quarter revenue more than doubled, while shares were up more than 300% year to date before the latest premarket move.