Today, investors in BeyondSpring (NASDAQ:BYSI) are certainly seeing a lot of green. Shares of BYSI stock are nearly 15% higher at the time of writing. This move comes on an otherwise flat day for the markets. Accordingly, investors may be intrigued to learn what’s behind this rapid rise.
Indeed, shares of BYSI stock have been on quite the rally this month. Since closing out last month around $10 per share, BYSI stock has roughly tripled in a month’s time. It appears investors in the clinical-stage biopharma company like what they see.
As a company focused on commercializing immune-oncology cancer therapies, BeyondSpring has a noble aim. The company’s lead drug candidate is Plinabulin, a drug used to prevent chemotherapy-induced neutropenia. This drug is currently in Phase 3 trials and is seen as investor’s ticket to the big leagues. That is, if the company can get approval.
Today, BeyondSpring reported some good news in this regard. Let’s dive into what was announced and why investors are jumping on BYSI stock today.
BYSI Stock Soaring on Positive Phase 3 Data
Today, BeyondSpring announced its final Phase 3 top-line results for its intention-to-treat (ITT) dataset from the company’s DUBLIN-3 Phase 3 registration trial of Plinabulin.
According to the company’s press release, Plinabulin showed an improvement in the overall survival (OS) rate for this drug in combination with docetaxel. Additionally, the company reported improvement in “ORR, PFS, 24- and 36-month OS rates and incidence of Grade 4 neutropenia.”
In plain English, these results were positive. The company’s management team believes this study demonstrates real value to patients. Accordingly, the hope is that the durable anti-cancer benefits shown by this drug will be enough for approval to be granted.
While BeyondSpring may be a ways away from formal approval, today’s announcement is a step in the right direction. Accordingly, investors continue to pile into this clinical stage biopharma play today.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.