The small-cap indices were mixed today with the Russell 2000 seeing a slight decline while the S&P 600 saw minimal gains.
Deciphera Pharmaceuticals Inc (NASDAQ:DCPH) shares jumped double digits after presenting updated data from its Phase 1 clinical trial of its cancer drug DCC-2618. The oral drug is designed to treat gastrointestinal stromal tumors, advanced system mastocytosis and other solid tumors caused by a specific enzyme. Phase 3 trials in second-line patients with gastrointestinal stromal tumors are expected to be initiated this year. Shares of the Massachusetts-based biopharma rose nearly 25% to US$32.43.
Immunomedics Inc (NASDAQ:IMMU) shares were on the rise in the wake of its own clinical trial data. The biopharma announced positive results from its Phase 1/2 trial of its antibody drug candidate sacituzumab govitecan in patients that have been pretreated for estrogen receptor-positive metastatic breast cancer. For women with this type of metastatic breast cancer who have undergone endocrine therapies and chemotherapy with limited treatment options left, this drug could be another avenue of treatment. Shares of the New Jersey-based biopharma were up more than 10% to US$25.02.
Clinical trial data was not good news for every pharmaceutical company.
READ: Bristol Myers Squibb showcases positive results of new Phase 3 study evaluating cancer drug Opdivo
Shares of Nektar Therapeutics (NASDAQ:NKTR) sank after disappointing results from its Phase 1/2 study that combined its drug NKTR-214 with Bristol-Myers Squibb’s cancer drug Opvido. The clinical trial tested the efficacy of the two drugs when treating patients with stage IV metastatic melanoma, renal cell carcinoma and urothelial cancers. The results were not very promising, saying that Nektar’s drug doesn’t seem to add any benefit to Opvido. Shares of the Calfornia-based company tanked more than 40% to US$52.49.
Jounce Therapeutics’ (NASDAQ:JNCE) drug didn’t mesh well with Bristol-Myers Squibb’s drug either. In a Phase 1/2 clinical trial, its lead candidate JTX-2011 was combined with Opvido to treat patients with advanced solid tumors. The preliminary data was disappointing, causing JPMorgan to downgrade the stock to Neutral from Outperform and slash its price target by more than half to US$12. Shares of the Massachusetts-based pharma company sank more than 35% to US$7.10.