Merrimack Pharmaceuticals (NASDAQ:MACK) stock is rocketing higher on Wednesday following positive clinical trial data.
Ipsen (OTCMKTS:IPSEY), Merrimack Pharmaceuticals’ partner, reported that its Phase III NAPOLI 3 trial met its primary endpoint. This saw it using Onivyde in combination with 5 fluorouracil/leucovorin and oxaliplatin to treat first-line metastatic pancreatic ductal adenocarcinoma (mPDAC).
That primary endpoint is the increase in survivability of previous untreated mPDAC patients compared to nab-paclitaxel plus gemcitabine. A secondary endpoint of progression-free survival was also achieved during the clinical trial.
Gary Crocker, chairman and CEO of Merrimack Pharmaceuticals, said the following about the study results:
“We are encouraged by these results which indicate progress toward a potential future milestone payment from Ipsen. We congratulate the Ipsen team and look forward to continuing to await further public announcements from Ipsen regarding progress with this important program.”
What’s Next For MACK Stock?
With these positive clinical trial results, Ipsen is planning to submit a New Drug Application with the U.S. Food and Drug Administration (FDA) for Onivyde in combination with oxaliplatin plus 5- fluorouracil/leucovorin. It should get attention sooner than later thanks to the Fast Track Designation granted to it back in 2020. Approval from the FDA would benefit MACK stock.
Today’s news brings with it incredibly heavy trading of MACK stock. As of this writing, more than 20 million shares have changed hands as investors buy the stock up. That’s a massive surge compared to its daily average trading volume of about 25,000 shares.
MACK stock is up 220.3% as of Wednesday morning.
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On the date of publication, William White 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.