Galera Therapeutics (NASDAQ:GRTX) stock is rocketing higher Thursday morning after providing an update on its pancreatic cancer clinical trial.
Galera Therapeutics has been testing out GC4419 in Phase1/2 clinical trials. This is a drug designed by the company to protect normal cells and make cancer cells more sensitive to radiotherapy.
The clinical trial includes 42 patients that were split evenly into two groups. One received GC4419 ahead of radiotherapy and the other group got a placebo. Now the company is providing results six months afterward.
The group that was given GC4419 has seen a median overall survival rate that is double that of those taking the placebo. 29% of treated patients also saw a 30% or greater response compared to only 11% of placebo patients.
Other benefits from GC4419 include “local tumor control, time to metastases and progression-free survival.” Adding to that, the treatment is well tolerated with similar adverse event rates to the placebo group.
Sarah Hoffe, M.D., Section Head of GI Radiation Oncology at H. Lee Moffitt Cancer Center and Research Institute, said this about the results boosting GRTX stock today.
‘There are limited treatment options for patients with locally advanced pancreatic cancer and we are continually looking for innovative approaches. These pancreatic data are exciting and speak to the potential emergence of an entirely novel class of cancer therapeutics for patients.”
Galera Therapeutics plans to release the full results of the clinical trial after a year has passed. That’s expected in the second half of 2021.
GRTX stock is also seeing heavy trading on today’s cancer news. As of this writing, more than 22 million shares of the stock have changed hands. That’s quite the increase over the company’s daily average trading volume of roughly 75,000 shares.
GRTX was also up 24% as of Thursday morning. However, shares of the stock are still down 20.3% since the start of the year.
While the cancer results are nothing to sniff at, there are still loads of other stocks that investors will want to keep in mind today as trading continues.
Plenty of other companies are also seeing shares prices jump alongside positive news. Electric vehicle (EV) stocks seem to be getting quite a bit of attention with Nio (NYSE:NIO), ChargePoint (NYSE:CHPT), and other stocks in the news. Get up to speed on the latest headlines below.
More Thursday Stock Market News
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- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.