Cyclacel Pharmaceuticals Inc (NASDAQ: CYCC)
Cyclacel Pharmaceuticals is having an incredibly strong start to the trading session today. At the opening bell, the stock was trading well into the green. While it did dip for a short while, it quickly made up the gains. So quick, in fact, that it was halted, prompting our partners at Trade Ideas to send the alert. At 9:55, CYCC was halted at $5.08 per share after a gain of $1.40 per share (38.04%) thus far today.
CYCC Halted After Releasing Strong Clinical Data
As mentioned above, Cyclacel Pharmaceuticals is having a strong day in the market today. So strong, in fact, that the stock was recently halted on volatility. Ultimately, the gains are the result of a press release that was issued yesterday announcing the presentation of preclinical data surrounding CYC065. CYC065 is a second-generation, cyclin-dependent kinase (CDK) 2/9 inhibitor. The treatment is being studied as an anti-cancer agent. According to the data that was released, CYC065 markedly inhibited migration and invasion of lung cancer cells and affected distinctive pathways involved in DNA damage response, apoptosis, cell cycle regulation, and cell migration. In a statement Spiro Rombotis, President and CEO at CYCC, had the following to offer:
“This study adds to the growing evidence of the value of CDK inhibition as an approach to treating cancer… CYC065 is in a Phase 1, first-in-human trial to evaluate safety, tolerability and pharmacokinetics in patients with solid tumors. The trial is at an expanded sixth dose escalation level with the objective of determining maximum tolerated dose and recommended dosing for Phase 2. Evidence of target engagement with prolonged Mcl-1 supression in peripheral blood cells has been observed in patient samples from the study. We believe that CYC065 is one of the first medicines to demonstrate this in a human trial and look forward to pursuing this lead as part of our transcription regulation program.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping an incredibly close eye on CYCC. In particular, we’re interested in following the company through ongoing work with regard to CYC065. We’ll continue to follow the story closely and bring the news to you as it breaks!
Update (4/4/2017 11:07) – CYCC continues to climb on yesterday’s positive news with no end in sight. At the moment the stock is trading at $10.60 per share after a gain of $4.18 per share or 65.11% thus far today.Considering the overwhelmingly positive data that was released yesterday, there still may be room for this one to run!
Update (4/4/17 11:49) – Well, it seems as though there was a bit of a surprise around this one just minutes ago. Adam Feuerstein commented on CYCC stating that it was a worthless piece of paper and at the end investors will be stuck holding the bag. As a result, the stock dropped dramatically from today’s highs. Currently CYCC is trading at $8.61 per share after a gain of $2.19 per share or 34.11% thus far today.
What Do You Think?
Where do you think CYCC is headed moving forward? Join the discussion in the comments below or on StockTwits!
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