Shares of Gilead Sciences Inc. (GILD) experienced a significant drop of 10.9% in premarket trading on Monday, marking a pullback from an 11-month high. This sudden decline comes as the biotechnology company reported disappointing trial results for its lung cancer treatment.
The Phase 3 Evoke-01 study of Trodelvy versus docetaxel did not meet its primary endpoint of overall survival in previously treated metastatic non-small cell lung cancer (NSCLC). Despite this setback, Trodelvy was found to be well-tolerated, and no new safety concerns were identified. Gilead plans to discuss these results with regulators.
While the immediate market reaction is a cause for concern, Gilead’s Chief Medical Officer, Merdad Parsey, remains optimistic about Trodelvy’s potential in treating metastatic NSCLC. He states, “The totality of our data gives us continued confidence in Trodelvy’s potential in metastatic NSCLC, and in our broader lung cancer clinical development program.”
Over the past three months, Gilead Sciences Inc. has seen a solid 12.2% gain, outperforming the broader market as represented by the S&P 500 index. As investors reassess the company’s prospects in light of these trial results, it will be interesting to see how the stock recovers from this setback.
Key Takeaways:
- Gilead Sciences Inc. experiences a significant drop of 10.9% in premarket trading.
- Disappointing trial results for lung cancer treatment lead to the decline.
- Phase 3 study shows Trodelvy did not meet its primary endpoint of overall survival.
- Trodelvy is found to be well-tolerated with no new safety concerns.
- Gilead plans to discuss trial results with regulators.
- Chief Medical Officer remains optimistic about Trodelvy’s potential in treating metastatic NSCLC.
- Gilead Sciences Inc. has recorded a 12.2% gain over the past three months.
- Stock performance will be closely watched in the coming days.
