NEW YORK, NY / ACCESSWIRE / September 7, 2018 / Arrowhead Pharmaceuticals exploded on positive data results on Thursday while shares of Iovance Biotherapeutics were deep in the red on its own concerning clinical update.
RDI Initiates Coverage on:
Arrowhead Pharmaceuticals, Inc.
Iovance Biotherapeutics, Inc.
Arrowhead Pharmaceuticals, Inc. shares closed up 37.52% yesterday with around 28.6 million shares traded compared to the stock's average volume of under 2.5 million shares. It was the company's latest clinical trial results that sent shares soaring. Arrowhead announced that a phase 1 study of hepatitis B treatment ARO-HBV produced encouraging results. Bruce Given, M.D., the company's chief operating officer and head of R&D, said, “These initial results from the first two multiple-ascending dose cohorts of the AROHBV1001 clinical study are encouraging and indicate that ARO-HBV is highly active. In addition, the drug appears to be generally well-tolerated, which is consistent with our experience to date with ARO-AAT, our TRiMTM enabled candidate for the treatment of Alpha-1 liver disease. We intend to submit late-breaking abstracts to the AASLD Liver Meeting for both ARO-HBV and ARO-AAT, and, if accepted, we look forward to presenting more complete data-sets, including additional dose levels and longer follow-up.”
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Iovance Biotherapeutics, Inc. shares closed down 24.78% on Thursday with a little over 7 million shares traded. The stock saw its shares plummet after Wall Street learned that one third of patients who received the company's experimental lung cancer regimen worsened following treatment. The company revealed the news at the H.C. Wainwright Global Investor Conference in New York City yesterday. Iovance offered a clinical update for its mid-stage tumor-infiltrating lymphocyte therapy, C-144-01, in patients with advanced skin cancer who have been previously treated with an anti-PD-1 and anti-CTLA-4 checkpoint inhibitor. The therapy failed to produce an objective response rate that was on par with Bristol-Myers Squibb's combination therapy (Opdivo and Yervoy) for this indication (40% vs. 50%). Chardan analyst Gbola Amusa said that out of six patients assesses, two had partial responses but their cancer later worsened. Amusa also remarked, "While preliminary data show tumor regressions, in this refractory population, the extent and durability of responses might not match those seen in melanoma." Amusa still has a "buy" rating on the stock.
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