Elevation Oncology drops after early-stage drug data disappoints investors

Elevation Oncology

06/08/2024 13:46

** Drug developer Elevation Oncology's shares  ELEV.O  slide
48.4% to $1.10 premarket 
    ** Co reports that 3 out of 15, or 20% of patients with
cancers of the esophagus and stomach who were administered its
experimental cancer therapy had a reduction or disappearance of
tumors in an early stage study 
    ** In June last year, co's China-based partner had reported
that 8 of 21, or 38%.1 of patients had seen their tumors reduce
in size or disappear, also known as objective response rate, in
an early-stage study in China
    ** Leerink analysts, in a note published last month, had
said they expect objective response rate in the range of the
prior data, but in non-Asian patients
    ** Co says the objective response rate was 42.8%, or 3 out
of 7, in a subset of patients
    ** Up to Monday's close, stock had nearly quadrupled YTD 
    

 (Reporting by Manas Mishra)
 ((Manas.Mishra@thomsonreuters.com;
www.twitter.com/Manaswrites15;))