Why Five Prime Therapeutics Stock Skyrocketed on Wednesday
Five Prime Therapeutics' shares more than tripled on Wednesday after the company announced positive topline results from its gastric cancer study.
Five Prime Therapeutics Inc. (NASDAQ: FPRX) shares more than tripled on Wednesday after the company announced positive topline results from its gastric cancer study.
The topline results came from the Phase 2 FIGHT trial that compared bemarituzumab (FPA144) in combination with mFOLFOX6 chemotherapy to placebo in combination with mFOLFOX6. The trial was conducted in patients with fibroblast growth factor receptor 2b-positive (FGFR2b+), HER2-negative front-line advanced gastric or gastroesophageal junction cancer.
All three efficacy endpoints in the trial were achieved: progression-free survival (PFS), overall survival (OS), and overall response rate (ORR).
Median PFS improved from 7.4 months in the placebo arm to 9.5 months in the bemarituzumab arm. Median OS improved from 12.9 months to not reached. In addition, the ORR improved by 13%.
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Five Prime noted that the Phase 2 FIGHT trial results validate the importance of the novel target FGFR2b, which is overexpressed in approximately 30 percent of HER2- gastric cancers worldwide.
Management noted that these results bring the firm one step closer to the first potential targeted therapy for advanced gastric cancer in over a decade. Management further commented that it was excited about the results of the FIGHT trial and the opportunity to advance bemarituzumab, the first and only investigational treatment for patients with FGFR2b+ tumors, to the next phase of development.
Five Prime Therapeutics stock traded up 261% to $19.27 on Wednesday, in a 52-week range of $1.75 to $24.00. The consensus price target is $8.50.
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Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics. Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications. A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.
