NEW YORK, NY / ACCESSWIRE / December 7, 2017 / Immunomedics soared yesterday after revealing positive data from a phase 2 study on its lead compound that could treat metastatic triple-negative breast cancer. Shares of Valeant closed down over 5% after a class-action lawsuit will be going to trial against the company. Valeant also received an upgrade this week from Vetr.
RDI Initiates Coverage on:
Valeant Pharmaceuticals International, Inc.
Immunomedics, Inc. shares closed up 13% on about 13.5 million shares traded on Wednesday. The company had positive clinical data from a phase 2 study that tested Immunomedics' lead compound sacituzumab govitecan as a potential treatment for metastatic triple-negative breast cancer (mTNBC). The data from the study, which included 110 patients, showed that sacituzumab govitecan elicited an objective response rate of 31%, with a median duration of response of 9.1 months. Current standard-of-care therapies only provide 10 to 15% response rates. CEO Michael Pehl stated, "We believe the blinded independent adjudication affirms the significant clinical activity of sacituzumab govitecan as a single agent in the third-line setting for patients with relapsed or refractory mTNBC. We remain focused on bringing this important medicine to breast cancer patients expeditiously and on transforming Immunomedics into a fully integrated biopharmaceutical company, creating value for our stockholders." According to Pehl, the company will be using the data to accelerate approval from the FDA.
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Valeant Pharmaceuticals International, Inc. shares closed down a little over 5% on Wednesday with trading volume almost double compared to average at roughly 21.5 million shares traded. Earlier this week the company, as well as one of its subsidiaries, had announced an upsize of cash tender offer to $1,500,000,000 outstanding principal amount. It was also on Tuesday that Vetr upgraded Valeant from "buy" to "strong buy". The firm has a $19.72 price target on the stock. It was also announced this week that a class-action lawsuit brought on behalf of investors against Valeant Pharmaceuticals Inc. will go to trial. The lawsuit was brought on by people who had acquired Valeant outside of the U.S. between February 28th, 2013 and October 26th, 2015. The lawsuit claims that the shares purchased were artificially inflated by misrepresentations by the company.
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