Published: January 22, 2024 at 8:43 am ET
Shares of Gilead Sciences Inc. GILD fell 10.9% in premarket trading on Monday, falling from an 11-month high, after the biotechnology company reported disappointing trial results for its lung cancer treatment. That selloff would put the stock at risk of its biggest one-day decline since its 14.3% plunge on Dec. 22, 2014. The company said the phase 3 Evoke-01 trial of Trodelvy vs. docetaxel did not meet its overall primary endpoint of survival in previously treated metastatic non-small cell lung cancer (NSCLC). Meanwhile, Trodelvy was well tolerated and no new safety signals were noted. Gilead said it plans…
Shares of Gilead Sciences Inc. GILD fell 10.9% in premarket trading on Monday, falling from an 11-month high after the biotechnology company reported disappointing trial results for its lung cancer treatment. That selloff would put the stock at risk of its biggest one-day decline since its 14.3% plunge on Dec. 22, 2014. The company said the phase 3 Evoke-01 trial of Trodelvy vs. docetaxel did not meet its overall primary endpoint of survival in previously treated metastatic non-small cell lung cancer (NSCLC). Meanwhile, Trodelvy was well tolerated and no new safety signals were noted. Gilead said it plans to discuss the results of the trial with regulators. “The totality of our data continues to give us confidence in the potential of Trodelvy in metastatic NSCLC and in our broader clinical development program in lung cancer,” said Chief Medical Officer Merdad Parsey. The stock has gained 12.2% in the past three months through Friday, while the S&P 500 SPX has gained 14.3%.