NextCure Inc. (NASDAQ: NXTC) updated clinical results from its early-stage cancer study at the Society for Immunotherapy of Cancer (SITC) annual meeting. As a result, NextCure shares were crushed on Monday.
What’s important to note here is that even though these results are somewhat positive, they are not positive enough, especially with the stock up over 200% in the past week alone.
The Phase 1/2 study of NC318 was assessing patients with non-small cell lung cancer (NSCLC), ovarian cancer, melanoma, breast cancer and colorectal cancer.
However, this latest update demonstrated that only lung cancer tumors responded to the experimental immunotherapy treatment, according to Bloomberg.
At the same time, NextCure announced the initiation of the Phase 2 portion of its ongoing Phase 1/2 clinical trial of NC318.
Kevin N. Heller, M.D., NextCure’s chief medical officer, commented:
It is encouraging to see single-agent activity among NSCLC patients refractory to PD-1 therapies, including a durable complete response and a durable partial response. Given what appears to be the non-overlapping expression of PD-L1 and S15, the results to date support the potential of NC318 to block S15-mediated immune suppression among a patient population unlikely to respond to PD-1/PD-L1-directed therapies.
Shares of NextCure traded down about 51% to $40.45 on Monday, in a 52-week range of $13.86 to $109.00. The consensus price target is $59.67.
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