- Over the weekend at the American Society of Clinical Oncologists meeting, a lot of updates and new data were presented.
- It sent stocks all over the place Monday with the biggest movers being Bristol-Myers Squibb, Nektar, Loxo and Bluebird bio.
Investors had mixed reactions to some of the data coming out of an annual cancer conference this weekend.
The American Society of Clinical Oncologists held their annual meeting in Chicago this past weekend with many pharma and biotech companies presenting updates to their trials and new data. Although there were no huge breakthroughs or discoveries, many data showed promising results for future treatments.
Here’s how some major movers measured up:
- Celgene andBluebird bio presented updated results from the ongoing phase I clinical study for an investigational CAR-T cell therapy for multiple myeloma, a form of blood cancer. While not a cure, it is one of the more promising data seen in myeloma, analysts said. Celegene’s stock was flat and Bluebird’s stock was up 3.4% as of Monday afternoon.
- Nektar Therapeutics and Bristol-Myers Squibb presented preliminary data based on a trial that combined Nektar’s immunotherapy NKTR-214 with BMS’s Opdivo. The trial’s results didn’t impress investors and sent both companies’ stocks down as of Monday afternoon, with Nektar down 43.2% and BMS down 3.3%.
- Loxo Oncology presented positive data in its early stage trial looking at the effect of a new drug, LOXO-292 on tumour reduction for three types of cancer. Loxo’s stock was up 12.5% to a record high after the abstract presentation over the weekend, but dropped 1.9% Monday.
- Merck, which was dubbed the “winner” after the data it presented at another cancer conference in April, remains a leader in the field presenting positive results for Keytruda in treating non-small cell lung cancer. Its stock was up 2.3% Monday afternoon.