Kitov Pharma (NASDAQ: KTOV) is having an incredibly strong start to the trading session this morning, and for good reason. The company announced a key milestone surrounding an acquisition, exciting investors and sending the stock for the top. Today, we’ll talk about:
- The milestone;
- what we’re seeing from KTOV stock as a result; and
- what we’ll be watching for ahead.
KTOV Stock Gains On Milestone News
As mentioned above, Kitov Pharma is having a strong start to the trading session this morning after announcing that it has achieved a key milestone. The announcement came by way of press release early this morning.
In the release, the company said that it has achived a key milestone in the acquisition of FrameWave. The milestone was the signature of a clinical collaboration agreement between FameWave and Bristol Myers Squibb for their planned Phase 1/2 clinical trials.
During the trials, the companies will evaluate the combination of CM024. This is a monoclonal antibody that targets the novel immune checkpoint carcinoembryonic antigen-related cell adhesion molecule 1 with Opdivo, a PD-1 inhibitor, in patients with non-small cell lung cancer.
At the moment, Kitov Pharma is working to acquire FameWave. The acquisition is pending the completion of certain additional closing conditions, including the approval of Kitov shareholders. In a statement, Isaac Israel, CEO at KTOV, had the following to offer:
We look forward to completing the acquisition of FameWave and advancing CM-24 studies in the clinic. Our goal is to assess the innovative combination of CM-24 with Opdivo® In NSCLC patients. Since we believe CM-24 has great potential as a novel checkpoint inhibitor to be used in combination therapies to provide new options to address the significant unmet medical need in hard-to-treat cancers.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. When it comes to Kitov Pharma, the news proved to be overwhelmingly positive.
After all, the company is currently working to acquire FameWave and with FameWave moving into clinical trials, a key milestone in this potential acquisition has been met. So, it’s not surprising to see that excited investors are sending the stock on a run for the top.
As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:45), KTOV is trading at $1.40 per share after a gain of $0.30 per share or 27.55% 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 KTOV. In particular, we’re interested in following the story surrounding the company’s continued work to acquire FameWave. Nonetheless, we’ll keep a close eye on the news and bring it to you as it breaks!
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