Drug development requires time and patience, and that’s not something the Street has in particularly abundant supply. Aptose Biosciences (APTO) shares rocketed higher in late March on news of a complete response in a patient with relapsed/refractory acute myeloid leukemia (or r/r AML) in the Phase I luxeptinib study, but then were subsequently stomped after a disappointing update at the June European Hematology Association meeting showed no further confirmed responses.
So it goes with this very early-stage biotech, and there really wasn’t anything in the second quarter results and conference call that is likely to change sentiment in the near term. Management has its luxeptinib studies fully enrolled at the 750mg dose level (and is starting to move into 900mg) and continues to enroll for its APTO-253 study as well, but it’s going to take confirmed partial and complete (ideally) responses to rebuild confidence in these drugs and the stock.
The mid-December American Society of Hematology (or ASH) meeting will be an important one for the company, as investors are really going to need to see more evidence of efficacy. I continue to value Aptose with low odds of success (10% to 15%), but the potential for safe and effective drugs in AML and B-cell cancers (like CLL, MCL, and DLBCL) is still significant.
Read more here:
No comments:
Post a Comment