Novartis Shares Rise After Trial Data Supports New Filing for Cancer Drug
By Adria Calatayud
Novartis shares traded higher after the company said data from a late-stage trial in prostate cancer therapy Pluvicto support its plan to file for a label expansion in the second half.
At 1509 GMT on Thursday, shares in Novartis were up 3.1% at CHF88.50, having traded down slightly before the announcement, and were up 4.3% since the start of 2024.
The Swiss pharmaceutical giant confirmed its plans to file in the second half of 2024 for a label expansion of Pluvicto for treatment of patients with advanced prostate cancer before they receive chemotherapy based on a class of drugs known as taxane. Last year, the company delayed the regulatory submission for the label expansion.
Pluvicto is a radiotherapy that combines a cell-targeting compound with a therapeutic radioactive particle. It was Novartis's fastest-growing drug in 2023, with sales more than tripling to $980 million.
Novartis said updated results from a phase 3 trial showed a hazard ratio--a measure often used in cancer studies to compare survival rates in two groups of patients--of less than 1.0.
Pluvicto's safety profile was consistent with previous interim analyses published in 2023 after an additional eight months of data, as were radiographic progression free survival and other secondary efficacy goals, the company said.
Full results from the trial will be presented at an upcoming medical congress, Novartis said.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
April 04, 2024 11:34 ET (15:34 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing
-
Going Into Earnings, Is Nvidia Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Arista Stock a Buy, a Sell, or Fairly Valued?
-
A Cheap Dividend Aristocrat to Buy Before It Bounces Back