Curis (CRIS) is taking investors on a wild ride. After rocketing on a promising blood-cancer drug on Wednesday, CRIS stock plummeted Thursday.
The biotech company said its treatment reduced abnormal cells in eight out of nine patients. But it was also met with dose-limiting toxicities, Curis said late Wednesday. In response, CRIS stock tumbled after soaring more than 65% during the regular session.
In morning trading on the stock market today, CRIS stock tanked 16.1% near 13.70.
CRIS Stock Yo-Yos On Cancer News
Curis is testing a treatment for acute myeloid leukemia and myelodysplastic syndromes, two types of blood cancer. The biotech company released some test results early Wednesday ahead of the European Hematology Association 2021 Virtual Congress.
Nine patients could be evaluated as of February. Eight of those patients experienced reductions in abnormal cells known as marrow blasts.
Objectively, four patients responded to the treatment. That included one patient who completely responded. This means doctors couldn't find any evidence of cancer after the treatment. One was determined to be in remission. Two others had complete responses in the bone marrow.
Also bullish for CRIS stock, three patients with genetic mutations achieved complete responses in the bone marrow.
Shares Could Reenter Buy Zone
But late Wednesday, Curis said it updated its dosing regimen in the study. Two patients reported side effects at high doses of the drug.
One experienced a condition called rhabdomyolysis, in which muscle fibers die and release their contents into the blood stream. This can cause kidney failure. The other lost consciousness after the patient's blood pressure fell. Both incidents resolved after the company stopped treatment.
Curis says it's now enrolling patients to receive lower levels of the treatment.
The news Wednesday led to a breakout for CRIS stock. Shares were consolidating with a buy point at 13.10, according to MarketSmith.com. CRIS stock surged well beyond the buy zone and topped a profit-taking zone, defined as 20%-25% above a buy point.
On Thursday, CRIS stock looked to return to the buy zone, which is within 5% of the buy point.
Shares have a best-possible Relative Strength Rating of 99. This puts CRIS stock in the top 1% of all stocks in terms of 12-month performance.
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