TESARO Inc (NASDAQ: TSRO)
TESAROI is having an incredibly interesting day in the market today, to say the least. At the opening bell, the stock was trading slightly in the red. However, bad went to worse very quickly as the stock started to spike downward. Throughout the day, the stock remained in the red for the most part. That is, until minutes ago when it quickly spiked to the green.
What We’re Seeing From TSRO
As mentioned above, today didn’t look like it was going to be the best of days for TESARO. In fact, when the trading session started for the day, the stock was trading slightly in the red before spiking further and further into the abyss. From there, it saw some upward and some downward movement, but it looked like the losses were going to stick around for a while. That is, until minutes ago, when the stock started to spike. Currently (11:19), TSRO is trading at $174.00 per share after a gain of $0.70 per share, or about half a percentage point.
Why The Stock Is Up
Before we get too deep into the details, it’s important that we give a big thank you to our partners at Trade Ideas, as they were the first to alert us to the spike. As soon as we received the alert, the CNA Finance team started working to see why TSRO was making its way to the top. It didn’t take long to dig up the story. Minutes ago, the company released an update with regard to a Phase 3 clinical trial.
In the update, we learned that TESARO has announced the presentation of secondary endpoint results from the Phase 3 ENGOT-OV16/NOVA trial. The trial was designed to evaluate niraparib for the treatment of ovarian cancer. The data will be presented at the 2017 Society for Gynecology Oncology Annual Meeting on Women’s Cancer by Dr. Sven Mahner, M.D., Director of the Department of Gynecology and Obstetrics at the University of Munich. In a statement, Mary Lynne Hedly, Ph.D., President and COO at TSRO, had the following to offer:
“The results of several secondary endpoints from the ENGOT-OV16/NOVA trial, including chemotherapy-free interval (CFI), time to second subsequent therapy (TSST), and progression-free survival 2 (PFS-2), demonstrate the positive and durable treatment effect of niraparib in a broad population of patients with ovarian cancer, regardless of germline BRCA mutation status… An assessment of progression-free survival in patients who have progressed on treatment received after completing the NOVA study treatment (PFS-2) compared to their first progression while on the NOVA study (PFS) indicates that niraparib does not decrease the benefit of subsequent treatment.”
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on TSRO. In particular, we’re interested in following the developments surrounding niraparib and the progression the company is making toward commercialization. We’ll continue to follow the story and bring the news to you as it breaks!
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[Image Courtesy of Wikimedia]