Cancer drugmakers rise as industry meet fuels investor interest
05/06/2023 13:34
June 5 (Reuters) - Shares of several cancer drug firms
surged in premarket trading on Monday after the companies
reported positive clinical trial data from their therapies at an
ongoing industry conference in Chicago.
Day One Bio DAWN.O , Immunogen Inc IMGN.O and Evaxion
Biotech A/S EVAX.O were among the biggest sector gainers after
presentations at the annual American Society of Clinical
Oncology (ASCO) meeting.
Shares of Day One surged 21.3% to $16.54 premarket after the
company's experimental therapy for a type of brain tumor
significantly reduced tumor in 67% of patients aged over 6
months to 25 years in a mid-stage study.
ImmunoGen Inc's experimental drug to treat a type of ovarian
cancer showed 35% reduction in the risk of tumor progression or
death compared to chemotherapy in a late-stage study. The
drugmaker's shares rose 7.7% to $15.48.
Shares of Evaxion surged nearly 40% to $2.03 after the
smaller drug developer said its vaccine to prevent a type of
skin cancer met safety goals in an early-stage study.
On the other hand, Arcus Biosciences Inc RCUS.O fell 3.7%
after updated data on its experimental drug to treat a type of
lung cancer showed a lower benefit in cutting the risk of
disease progression, compared to earlier data from a mid-stage
trial.
The double combination of experimental drugs, domvanalimab
and zimberelimab, controlled disease progression for 9.3 months,
compared to the 12 months that Arcus reported in December. The
company is developing the drug with Gilead Sciences Inc
GILD.O .
(Reporting by Manas Mishra and Mariam Sunny in Bengaluru;
Editing by Shailesh Kuber)
((Mariam.ESunny@thomsonreuters.com;))