Shares in Jounce Therapeutics (NASDAQ:JNCE) plunged in early trade after the biotech revealed plans to present preliminary data from its Phase 1/2 ICONIC trial at this year’s American Society of Clinical Oncology annual meeting in Chicago on June 2.
But investors reacted poorly to the dearth of information about the drug trial in the announcement, sending shares down 34% to US$11.57.
The huge sell-off is owed to Jounce’s lack of extensive data on the trial, which is evaluating the worth of its lead drug candidate JTX-2011, alone and in combination with Bristol-Myer Squibb’s (NYSE:BMY) Opdivo (nivolumab) to treat gastric cancer, triple negative breast cancer, head and neck squamous cell cancer and non-small cell lung cancer in late-stage patients.
Elizabeth Trehu, chief medical officer of Jounce Therapeutics, reported that JTX-2011 is “well-tolerated alone and in combination with nivolumab" and has provided evidence of tumor reductions in heavily pre-treated patients who have failed all available therapies.