Acceleron Pharma Inc. (NASDAQ: XLRN) and Celgene Corp. (NASDAQ: CELG) each saw a handy gain early Tuesday morning after results from their late-stage study in adults with transfusion-dependent beta-thalassemia were announced.
The Phase 3 results from the BELIEVE study of luspatercept achieved a highly statistically significant improvement in the primary endpoint of erythroid response, which was defined as at least a 33% reduction from baseline in red blood cell (RBC) transfusion burden compared to the placebo.
Additionally, luspatercept met all key secondary endpoints of demonstrating statistically significant improvements in RBC transfusion burden from baseline of at least a 33% reduction during the period from week 37 to week 48, at least a 50% reduction during the period from week 13 to week 24, at least a 50% reduction during the period from week 37 to week 48, and a mean change in transfusion burden from week 13 to week 24.
Recently, these companies also announced that luspatercept met the primary and key secondary endpoints in the MEDALIST study, a separate Phase 3 trial in patients with Revised International Prognostic Scoring System very low, low or intermediate risk myelodysplastic syndromes with chronic anemia.
Habib Dable, president and CEO of Acceleron, commented:
The BELIEVE study marks the second positive phase 3 study for luspatercept and underscores the potential of this erythroid maturation agent to impact a range of diseases associated with chronic anemia. We continue to explore luspatercept across our broader development programs, including non-transfusion dependent beta-thalassemia in the ongoing BEYOND study.
Shares of Celgene traded at $85.10 just after the opening bell, up about 1.5%. The consensus analyst price target is $112.69, and a 52-week trading range is $74.13 to $147.17.
Acceleron shares were last seen trading up more than 3% to $49.12, with a consensus price target of $56.42 and a 52-week range of $29.57 to $50.00.