** Shares of drug developer HCW Biologics HCWB.O rise 252% to 97 cents

** HCWB says it received U.S. FDA's clearance to start clinical trial for treatment of moderate-to-severe alopecia areata, which is an autoimmune disease that causes sudden hair loss

** HCWB says drug HCW9302 is protein therapy that helps reduce inflammation and promote hair growth

** Co says if trial is successful, HCW9302 may also be used to treat other diseases, including skin conditions, arthritis, and diabetes

** More than 154 mln shares traded, 578x their 25-day moving average

** HCWB shares fell 62.5% in 2024

(Reporting by Kamal Choudhury in Bengaluru)

((Kamal.Choudhury@thomsonreuters.com;))