Shares of Five Prime Therapeutics (NASDAQ:FPRX) stock are reaching heights not seen in more than a year on Wednesday. And the biotechnology company has good reason why.
The firm released positive results for its Phase 2 trial for the effect of bemarituzumab against stomach cancer. According to the release, “bemarituzumab is a first-in-class therapeutic antibody targeting FGFR2b+ tumors found in approximately 30 percent of HER2- gastric cancers worldwide.”
Here are a few points for investors to know about the FPRX stock news:
- Five Prime Therapeutics said that it reach all three endpoints of its FIGHT trial.
- This includes median progression-free survival, median overall survival and overall response rate.
- Each one “achieved pre-specified statistical significance.”
- The company will produces a full evaluation of the available trial data.
- In turn, Five Prime Therapeutics hope to share the results at an upcoming medical conference.
- The term FIGHT comes from FGFR2b Inhibition in Gastric and Gastroesophageal Junction Cancer Treatment.
Helen Collins, M.D., executive vice president and chief medical officer of Five Prime Therapeutics, had this to say about the FPRX stock news:
These results bring us one step closer to the first potential targeted therapy for advanced gastric cancer in over a decade. Benefit was observed in patients whose tumors overexpressed FGFR2b, even without evidence of amplification, and that may broaden the therapeutic potential of bemarituzumab in more cancer types. We are excited about the results of the FIGHT trial and the opportunity to advance the development of bemarituzumab …
FPRX stock was up more than 250% as of Wednesday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a web editor at InvestorPlace.