What's Going On With Mid-Cap Cancer-Focused Verastem Oncology Stock On Friday?
Portfolio Pulse from Vandana Singh
Verastem Oncology (NASDAQ: VSTM) announced interim results from its RAMP 205 trial, showing an 83% overall response rate in metastatic pancreatic cancer patients. The company also initiated a rolling submission of a New Drug Application (NDA) to the FDA for avutometinib and defactinib in recurrent KRAS mutant low-grade serous ovarian cancer. Verastem has collaborations with Amgen (NASDAQ: AMGN) and Bristol-Myers Squibb (NYSE: BMY) for other trials. VSTM shares are down 59% in premarket trading.
May 24, 2024 | 12:45 pm
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NEUTRAL IMPACT
Verastem Oncology has a clinical collaboration with Amgen to evaluate Lumakras in combination with avutometinib and defactinib in KRAS G12C mutant NSCLC. This collaboration is part of the RAMP 203 trial.
The collaboration with Verastem is a positive development for Amgen, but the immediate impact on AMGN's stock price is likely to be minimal.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 30
NEUTRAL IMPACT
Verastem Oncology has a clinical collaboration with Bristol-Myers Squibb to evaluate Krazati in combination with avutometinib in KRAS G12C mutant NSCLC. This collaboration is part of the RAMP 204 trial.
The collaboration with Verastem is a positive development for Bristol-Myers Squibb, but the immediate impact on BMY's stock price is likely to be minimal.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 30
POSITIVE IMPACT
Verastem Oncology announced promising interim results from its RAMP 205 trial and initiated an NDA submission for avutometinib and defactinib in recurrent KRAS mutant ovarian cancer. Despite positive trial results, VSTM shares are down 59% in premarket trading.
The positive interim results and NDA submission are significant milestones for Verastem. However, the sharp decline in share price suggests market volatility or other underlying concerns.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100