Shares of Tesaro are the hottest thing in biotech today and will probably continue to be until the final results for their phase 3 drug are released in the fall. The stock is higher by $40, completely castrating any shorts found in the stock.
Via briefing.com
Tesaro (TSRO 74.40, +37.19) is a biotechnology company focused on providing transformative therapies for the treatment of cancer. Today its stock is having a transformative session, having doubled after Tesaro announced positive results for its Phase 3 NOVA trial of niraparib, an oral, once-daily PARP inhibitor for patients with ovarian cancer.
The salient news is that the Phase 3 NOVA trial successfully achieved its primary endpoint of progression-free survival.
Ovarian cancer is the fifth most frequent cause of cancer death among women. In the United States alone, approximately 22,000 women are diagnosed with ovarian cancer each year.
These cancer sufferers undergo platinum-based chemotherapy as part of their treatment regimen. Dr. Tom Herzog, M.D., Clinical Director, University of Cincinnati Cancer Institute and Professor, Department of Obstetrics and Gyneclogy at the University of Cincinnati, is quoted in the press release as saying the majority of women diagnosed with advanced ovarian cancer will suffer a relapse even if they respond to the initial chemotherapy.
Herzog added that, “New treatment options are needed to extend the time in between cycles of platinum-based chemotherapy for these patients, and the results from the NOVA study suggest that niraparib could represent an important new treatment option for many patients with ovarian cancer.”
The full results of the study are expected in the fall.
Tesaro notes that an ongoing development program for nirparib includes the Phase 3 trial in patients with ovarian cancer (NOVA trial); a registrational Phase 2 treatment trial in patients with ovarian cancer (QUADRA trial); a Phase 3 trial for the treatment of patients with BRCA-positive breast cancer (BRAVO trial); and a Phase 3 trial in patients with first-line ovarian cancer (PRIMA trial).
Credit Suisse upped their target to $90 and Wells Fargo to $122-$132.
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Congrats to Tesaro. No one deserves success more than people intensively researching how to cure deadly diseases.