AbbVie Inc (NYSE: ABBV) isn’t having the best of starts to the trading session this morning, and for good reason. The company announced clinical data that missed expectations. Of course, investors are upset about the news, sending the stock into the red. Today, we’ll talk about:
- The data;
- what we’re seeing from ABBV as a result; and
- what we’ll be watching for ahead.
ABBV Announces Clinical Data
As mentioned above, AbbVie is having a rough start to the trading session this morning after releasing clinical data. In a press release issued early this morning, the company released data surrounding the DBL3001 study in which it was assessing the addition of ibrutinib to a chemotherapy regiment consisting of five different agents. These agents included rituximab, cyclophosphamide, doxorubicin, vincristine, and prednisone (R-CHOP). The treatment was compared to R-CHOP plus placebo. Currently, R-CHOP is the standard of care for patients with newly diagnosed DLBCL and is used as a first line therapy for most patients today.
In the release, ABBV said that the study was conducted in a subset of untreated DLBcL patients identified to have the non-germinal center B cell (GCB) or activated B-cell (ABC) subtypes of the disease. At the end of the study, data showed that the study did no meet its primary endpoint of improving event-free survival (EFS) in the targeted patient population. However, the company did say that clinically meaningful improvements were observed in a patient sub-population that it will be analyzing later. In a statement, Thorsten Graef, M.D., Ph.D., Head of Clinical Development at Pharmacyclics LLC, a subsidiary of ABBV, had the following to offer:
Since its first U.S. FDA approval in 2013, IMBRUVICA has redefined standard of care in many different blood cancers – several of which had little to no treatment options available to patients before… These medical achievements reflect our objective of focusing research where there is great unmet patient need and understanding that the nature of research is such that some studies succeed and others do not. We continue to believe that ibrutinib has great untapped potential as a cancer treatment alone or in combination. Together with our global partner Janssen, we are advancing our robust ibrutinib scientific development program and anticipate results from several studies in the future.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news causes moves. In the cae of AbbVie, the news proved to be negative. While there is data that can be useful from the trial, the trial ultimately failed to meet its primary endpoint, and that doesn’t bode well with investors. As a result, the stock is falling in the pre-market hours this morning. At the moment (8:02), ABBV is trading at $97.50 per share after a loss of $1.34 pe share or 1.36% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on ABBV. In particular, we’re interested in following the story surrounding the ibrutinib asset. While the asset failed to meet the primary endpont in this study, it has shown promise in other areas. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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