Celcuity Shares Plunge 25% as Breast Cancer Drug Data Disappoints Investors
Summary
Celcuity shares plunged 25% after investors reacted negatively to detailed Phase 3 trial results for its experimental breast cancer drug, gedatolisib. While the drug extended progression-free survival (PFS) by 11.1 months, this figure was inferior to the 14.6 months observed in earlier-stage trials, disappointing some investors. This market reaction follows earlier announcements today and in May of positive topline results and FDA Priority Review for gedatolisib, which is being developed with Pfizer's Ibrance. The underperformance relative to prior trials raises concerns about the drug's efficacy profile and market potential, despite management's optimistic revenue projections. The FDA's decision on the therapy's use in advanced breast cancer patients without a PIK3CA mutation is expected by July 17.
At the time of this announcement, CELC was trading at $92.00 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $4.5B. The 52-week trading range was $10.60 to $151.02. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Reuters.