You’ve got to love all the different stocks out there fighting cancer. We can only hope that some of them will succeed. Rather, enough of them to wipe out cancer for good. For biotech stock Elevation Oncology (NASDAQ:ELEV), the goal may be a little closer, and that’s sent share prices spiking in Friday afternoon’s trading.
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Elevation’s focus, at least with this latest drug, is on gastric cancer. And the word out of the dose-escalation portion of the phase 1 trials is producing some exciting results. The drug in question, currently known as SYSA1801, focuses its efforts on Claudin18.2, a protein that’s found in several different kinds of tumors. That suggests that if SYSA1801 turns out to work in the gastric system, it may be able to focus its capability elsewhere.
The results were certainly encouraging. The objective response rate came in at 38.1%, while the disease control rate came in at 57.1%. However, eight out of 33 people studied came back with adverse events of Grade 3 or higher. That’s just under one in four, but it’s still somewhat encouraging, given the control rates presented. Others, meanwhile, suggest that the results aren’t really related to SYSA1801’s testing but rather to Elevation’s low price as of earlier today.
Whatever the ultimate cause, the news still comes at a good time for Elevation Oncology stock. Taking a look at the last five days in trading shows that it’s been on a downward cant for most of the last five days. A bit of a rally started up on Thursday, but with the arrival of the latest news, share prices blasted up and gave us the impressive performance we saw today.
