Shares of biopharmaceutical company Mersana Therapeutics (NASDAQ:MRSN) are tanking at the time of writing today after the U.S. Food and Drug Administration (FDA) announced a partial hold on the company’s UP-NEXT and UPGRADE-A clinical trials.
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Consequently, new patient enrollments in the trials which are evaluating UpRi for the treatment of platinum-sensitive ovarian cancer are paused. The company has already completed enrollments in the UPLIFT trial (for platinum-resistant ovarian cancer) and top-line data are anticipated by early August.
The partial hold comes after serious bleeding events were reported while the causes of these events still remain under investigation. Now, Mersana is expecting a deeper insight into the efficacy and safety profile of the treatment with the UPLIFT data. A written response from the regulatory body is still awaited and the company plans to “seek alignment with the FDA to lift the partial clinical hold and resume enrolment in UP-NEXT and UPGRADE-A” as a next step.
Overall, the Street has a $14.67 consensus price target on MRSN alongside a Strong Buy consensus rating. Today’s price erosion comes after a 220.5% rally in Mersana shares over the past year.
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