Shares of Immumetp Ltd.
an Australian biotech with a Nasdaq listing, soared 190% Thursday, after the company reported positive results from a trial of a treatment for metastatic breast cancer. The company said overall survival data from a Phase 2b study evaluating its lead product candidate eftilagimod alpha in combination with chemotherapy performed well compared with placebo and chemotherapy. The overall trend in OS in total population was a median survival benefit of plus 2.7 months. However, in patients under 65 years of age, the benefit was 7.1 months. The data were presented at the San Antonio Breast Cancer Symposium which is taking place this week. “Although the progression free survival data in the efti group did not show a significant improvement versus the comparator arm in AIPAC earlier this year, the OS data in general looks already very interesting and will mature further,” AIPAC Principal Investigator, Hans Wildiers of University Hospital Leuven in Belgium said in a statement. “The OS data in subgroups such as those below age 65 years are highly encouraging and may lead to more effective treatment options for metastatic breast cancer patients.” Maxim analyst Jason McCarthy raised his stock price target to $8 from $4 on the news. “The data around overall survival, particularly in pre-defined subgroups, suggests efti is having a meaningful and significant impact,” McCarthy wrote in a note to clients. Maxim rates the stock a buy. Shares of Greenwich LifeSciences Inc.
were up 45%, after gaining more than 2,000% on Wednesday, also on promising news for a breast cancer treatment. Immutep shares have gained 218% in the year to date, while the SPDR S&P Biotech ETF
has gained 48% and the S&P 500
has gained 14%.