Updates

** Shares of Avalo Therapeutics AVTX.O climb 35% to $21.95, hitting an over two-year high

** Co, late on Tuesday, said its experimental drug for a painful and chronic skin disease met the main goal of a mid-stage trial

** Avalo is developing the drug, abdakibart, to treat patients with hidradenitis suppurativa, a condition that causes recurring inflamed lumps and abscesses under the skin, mainly in the armpits and groin

** The drug helped about 42% of patients achieve significant skin clearance at 16 weeks, compared with 25.6% of patients who received a placebo

** "We are impressed by the magnitude of benefit," Wedbush analyst Robert Driscoll said

** Avalo plans to advance abdakibart into a larger, late-stage trial

** Separately, Avalo also announced a public stock offering expected to raise about $375 million to fund the development of abdakibart

** Including session's move, AVTX up 21.3% YTD