Two Pharmaceutical Stocks Dominating Tuesday’s Headline & Rewarding Shareholders
Pharmaceutical stocks seem to be getting their fair share of attention and Tuesday’s trading session was no exception. Here is a round-up of two names that are not only dominating the headlines but rewarding investors.
Kite Pharma: Study Achieves Primary Endpoint
Kite Pharma (NASDAQ: KITE), a biopharmaceutical company that focuses on the development and commercialization of cancer immunotherapy products, announced positive topline results from a clinical study named ZUMA-1.
ZUMA-1 explored Kite Pharma’s lead product candidate, KTE-C19, in patients with chemorefractory diffuse large B-cell lymphoma (DLBCL). The study met the primary endpoint of achieving an objective response rate (ORR) of 76 percent while 47 percent of patients showed a complete remission.
Kite Pharma hopes that the study further supports its case for regulatory approval of KTE-C19.
Additional data from the study will be presented at an upcoming scientific meeting and a primary analysis of 101 patients with chemorefractory will be released in the first quarter of 2017.
“Every day matters and a new treatment option like KTE-C19 is desperately needed,” said Arie Belldegrun, M.D., FACS, Chairman, President and Chief Executive Officer of Kite in a press release. “I am proud of what we have achieved to date and excited to apply our advanced learnings from ZUMA-1 to our ongoing clinical development programs to bring continued innovation to patients and the scientific community at large.”
Kite Pharma’s stock was trading higher by more than 8 percent on Tuesday.
Kitov Pharmaceuticals: Lead Drug Meets FDA Standards
Kitov Pharmaceuticals Holdings (NASDAQ: KTOV), a biopharmaceutical company focused on late stage drug development, said on Tuesday that its lead drug candidate, KIT-302, has completed an additional pharmacokinetic (PK) bioequivalence (BE) study.
KIT-302 is a therapy designed to treat pain caused by osteoarthritis and treat hypertension.
The study compared Kitov’s drug with off-the-shelf drugs and was found to be within 80 percent and 125 percent of the values obtained from already existing drugs. Accordingly, Kitov has met the U.S. Food and Drug Administration’s (FDA) standard for establishing bioequivalence to the reference drugs.
Kitov said that it plans on submitting a New Drug Application for KIT-302 in the coming months with the FDA.
“We are pleased with the results of our additional pharmacokinetic BE study, which brings us closer towards submitting our New Drug Application to the FDA for KIT-302 as planned,” stated Dr. J. Paul Waymack, Chairman of Kitov’s Board and Chief Medical Officer in the company’s press release.
Kitov Pharmaceuticals’ stock surged higher by nearly 20 percent on Tuesday.