Lantheus, Point Bio slide as cancer drug data misses expectations

Lantheus Holdings

18/12/2023 15:38

** Shares of Lantheus  LNTH.O  and Point Biopharma  PNT.O 
fall ~22% and ~11%, respectively, after the companies reported
data on their prostate cancer drug that analysts said missed
expectations
    ** PNT says the companies' cancer therapy, called PNT2002,
met its main goal in a late-stage trial of extending the time a
patient survives without their disease getting worse 
    ** Brokerage Jefferies says the therapy's progression-free
survival rate of 9.5 months was below expectations and below 12
months for Novartis'  NOVN.S  competitor therapy Pluvicto 
    ** PNT shares fall as much as 11.3% to an over 2-month low
$12.44 in morning trade, while LNTH fall 22.4% to a near
10-month low of $59.01 
    ** Data should not prevent the PNT's buyout by Eli Lilly
 LLY.N  from closing - Jefferies 
    ** Including session's loss, PNT up ~70%, LNTH up ~22% YTD 

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))