Verastem Inc (NASDAQ: VSTM) is having a great start to the trading session this morning, and for good reason. The comapny said that the National Comprehensive Cancer Network has added its treatment to the Clinical Practice Guidelines in Oncology. Of course, the news excited investors, sending the stock on a run for the top. Today, we’ll talk about:
- The news;
- what we’re seeing from VSTM as a result; and
- what we’ll be watching for ahead.
VSTM Gains On COPIKTRA Addition To NCCN Guidelines
As mentioned above, Verastem is having an incredibly strong start to the trading session this morning after the company announced positive news. In a press release issued early this morning, the comapny said that the National Comprehensive Cancer Network (NCCN) has added COPIKTRA capsules to the Clinical Practice Guidelines in Oncology (NCCN Guidelines) for follicular lymphoma.
COPIKTRA is an oral inhibitor of phosphoinositide 3-kinase (PI3K), and the first approved dual inhibitor of PI3K-delta and PI3K-gamma. VSTM received accelerated approval from the FDA late last month for the use of COPIKTRA as a treatment for relapsed or refractory follicular lymphoma after at least two prior systemic therapeis. Of course, due to the accelerated approval, continued approval of the treatment is contigent upon verification and description of clinical benefit in confirmatory trials.
In a statement, Robert Forrester, President and CEO at VSTM, had the following to offer:
We are pleased that the NCCN has added COPIKTRA to their updated guidelines, which are recognized as an important resource for clinicians and other healthcare decision makers… We believe COPIKTRA’s inclusion illustrates its importance as an additional therapy option for relapsed or refractory patients suffering from FL.
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 leads to moves. In the case of Verastem, the news proved to be overwhelmingly positive. After all, at this stage in the game, any point of validation of COPIKTRA as a treatment for cancer is going to lead to excitement among investors. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (7:14), VSTM is trading at $7.24 per share after a gain of $0.31 per share or 4.47% 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 VSTM. In particular, we’re interested in following the story surrounding the company’s continued work to further validate COPIKTRA and achieve permanent FDA approval for the treatment. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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