Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Why Is Cancer-Focused Merus Stock Trading Over 30% On Friday?

Published 24/05/2024, 18:41
© Reuters.  Why Is Cancer-Focused Merus Stock Trading Over 30% On Friday?
MRUS
-

Benzinga - by Vandana Singh, Benzinga Editor.

Thursday, Merus N.V. (NASDAQ:MRUS) announced the publication of an abstract regarding petosemtamab in combination with pembrolizumab on the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting website.

Keytruda (pembrolizumab) is Merck & Co Inc’s (NYSE:MRK) top selling cancer drug.

The abstract presents interim clinical data from a cohort of 26 patients enrolled as of the abstract cutoff date, evaluating the combination in first-line (1L) recurrent/metastatic (r/m) head and neck squamous cell carcinoma (HNSCC).

As of a November 6, 2023, data cutoff date:

  • Ten patients were evaluable for response, and six responses were observed. This included 1 confirmed complete response, 2 confirmed partial responses, and three unconfirmed partial responses (2 confirmed as of the abstract submission and the 3rd also subsequently confirmed).
  • The combination was well tolerated, and no significant overlapping toxicities were observed.
  • Treatment-emergent adverse events were reported in all patients; most were Grade 1 or 2 in severity.
  • Infusion-related reactions (composite term) were reported in 26.9% (all Grades), of which 3.8% were Grade 3. All occurred during the first infusion and were resolved.
The poster concluded that petosemtamab, in combination with pembrolizumab, demonstrates a well-tolerated safety profile and promising preliminary clinical efficacy.

William Blair writes that overall, the abstract disclosed a response rate of 60% in 10 patients. While this is clearly an early dataset, and we expect at least 26 patients evaluable in the full ASCO presentation, we are highly encouraged to see this level of efficacy, including a complete responder.

“Overall, this does appear to meet the bar set by many investors going into the release of a 60% response rate, and importantly the press release notes the response rate has further improved.”

The analyst reaffirms the Outperform rating.

Price Action: MRUS shares are up 32.80% at $58.41 at the last check on Friday.

Latest Ratings for MRUS

DateFirmActionFromTo
Feb 2022BMO CapitalInitiates Coverage OnOutperform
Feb 2022NeedhamInitiates Coverage OnBuy
Nov 2021HC Wainwright & Co.MaintainsBuy
View More Analyst Ratings for MRUS

View the Latest Analyst Ratings

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.