Cancer drug makers surge as industry meet fuels investor interest

(Reuters) – Shares of several cancer drug companies jumped on Monday after the companies reported positive clinical trial data on their therapies at an ongoing industry conference in Chicago.

Day One Bio, Immunogen Inc, Evaxion Biotech A/S and G1 Therapeutics Inc stood up after presentations at the ongoing annual meeting of the American Society of Clinical Oncology (ASCO).

ImmunoGen Inc’s investigational drug, Elahere, to treat a type of ovarian cancer showed a 35% reduced risk of tumor progression or death compared to chemotherapy in a late-stage study.

A note from William Blair published on Monday was titled “Practice-changing data elevates Elahere to the global stage.” Shares of the drugmaker rose nearly 7% to $15.36.

Day One shares jumped 14% to $15.5 after the company’s experimental therapy for a type of brain tumor significantly shrank the tumor in 67% of patients aged over 6 months to 25 years in a mid-term study.

Shares of Evaxion rose 5.4% to $1.55 after the smallest drug developer said its vaccine to prevent a type of skin cancer met safety targets in a one-year study. early stage.

Another small biotech company, G1 Therapeutics, rose 7.25% to $2.81 after its experimental drug to treat a type of breast cancer increased the immune response generating T cell function and eliminated all invasive cancer residues in a mid-term study.

On the other hand, Arcus Biosciences Inc fell nearly 9% to $19.13 after updated data on its experimental lung cancer showed less benefit in reducing the risk of disease progression, compared to to earlier data from a mid-term trial.

Shares of Blueprint Medicines Corp fell 9.4% to $52.76 after analysts flagged potential safety concerns over its experimental drug to treat a type of lung cancer.

(Reporting by Manas Mishra and Mariam Sunny in Bengaluru; Editing by Shailesh Kuber)

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