For anyone suffering from gastric or gastroesophageal junction cancer, a recent breakthrough from Leap Therapeutics (NASDAQ:LPTX) has yielded seemingly promising results for a method of treatment. This morning, the clinical-stage biopharmaceutical producer announced that it would be presenting initial data from the “first-line cohort of the DisTinGuish study,” a Phase 2a clinical trial evaluating DKN-01, its anti-Dickkopf-1 (DKK1) antibody “in combination with tislelizumab, BeiGene Ltd.’s anti-PD-1 antibody, and chemotherapy.” It hasn’t taken long for this news to send LPTX stock soaring.
What Happened With LPTX Stock
Since news broke of the impending presentation, shares of LPTX stock have reacted well, shooting up by 17.5% as of this writing. Although the company began the month with shares in the green following a major partnership, LPTX has been on a gradual downward trajectory until this morning, decreasing by as much almost 16% for the month.
It is still early in the day, and although shares of LPTX stock are currently down from their earlier peak, this has certainly been a day of growth so far.
Why It Matters
Leap will be presenting its data and findings at European Society for Medical Oncology (ESMO) Congress, a virtual event taking place on Sept. 16-21. The second day will include the company hosting a conference call to discuss the study’s preliminary results.
As company Chief Medical Officer Cynthia Sirard, MD, notes “Patients whose tumors have high levels of DKK1 expression, which is known to correlate with aggressive disease and poor prognosis, showed the highest response rates, suggesting how important the biomarker may be in predicting response to therapy.”
As of now, the company is only presenting initial data from a preliminary stage of testing. There is plenty of time for more details to emerge. But as of now, these promising results should certainly give investors cause for optimism.
What Comes Next for Leap Therapeutics
LPTX shareholders are having a good day and it’s far from over. It will be interesting to see how the events of the week play out, but a company wouldn’t be presenting data if it didn’t feel confident in the results.
If things progress well with Leap’s work in the field of cancer treatment, there is abundant opportunity for growth. The need for cancer treatment is certainly not going away, but when companies make breakthroughs in such an important field, it does much to cement their place as leaders within their field. Just the announcement of the company’s impending presentation has sent LPTX shares up considerably in just the first market hour. If these promising results continue to manifest, the stock will surely react accordingly.
On the date of publication, Samuel O’Brient 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.