TSVT - Geron CTI rally after leaked data for Legend Biotech's blood cancer drug
2023-04-19 14:00:09 ET
- Geron Corporation ( NASDAQ: GERN ) and CTI BioPharma ( NASDAQ: CTIC ) were among notable gainers in the blood cancer space after an accidental data release from a Phase 3 trial for multiple myeloma therapy Carvykti developed by Legend Biotech ( LEGN ) and Johnson & Johnson ( JNJ ).
- According to leaked data from the companies’ CARTITUDE-4 trial, the BCMA-directed CAR-T therapy has reduced relapse risk by 74% compared to standard treatment in MM, a lymphoid malignancy formed in plasma cells of the blood.
- However, Bristol Myers Squibb ( BMY ) and 2seventy bio ( TSVT ), the developers of the rival CAR-T therapy Abecma for MM, are trading lower.
- Gern ( GERN ), which pursues preclinical research to assess the potential of its lone drug candidate Imetelstat in lymphoid malignancies, has added ~19%, marking the biggest intraday rise since January.
- CTI BioPharma ( CTIC ) which focuses on blood-related cancers, has added ~14% , posting the sharpest intraday rise since early November when company shares rose in reaction to better-than-expected Q3 2022 results.
- Seeking Alpha analyst ONeil Trader notes that, as forecasted, the leaked data has further validated JNJ’s ( JNJ ) guidance of over $5B peak annual sales for Carvykti.
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Geron, CTI rally after leaked data for Legend Biotech’s blood cancer drug