Shares of Context Therapeutics (NASDAQ:CNTX) soared today after announcing that its trial collaborator (Stemline Therapeutics) received FDA approval for ORSERDU (elacestrant), a treatment for ER+/HER2- ESR1-mutated metastatic breast cancer.
Martin Lehr, CEO of Context Therapeutics, claimed that this was a watershed moment for the industry. When compared to standard-of-care treatments, elacestrant reduced the risk of progression or death by 45%.
Prior to today’s news, shares had been hovering around the $0.70 level for the past five days. However, CNTX stock shot up to a high of $1.55 per share before pulling back to its current level.
