OncoMed Pharmaceuticals Inc. (NASDAQ:OMED) shed 19.21% in heavy trading to $3.91 on April 18, after two of its clinical trials did not meet expected results, thus paving the way for the company to enter into a “comprehensive portfolio prioritization review.” The company broke into a new 52-week low today and received a downgrade on April 17.
In one study, OncoMed said Phase 2 PINNACLE clinical trial of tarextumab (anti-Notch2/3, OMP-59R5) in combination with etoposide plus either cisplatin or carboplatin chemotherapy to treat small cell lung cancer did not meet expectations.
In a separate study, OncoMed Pharmaceuticals Inc. (NASDAQ:OMED) decided to let go of its enrollment in the Phase 1b clinical trial of brontictuzumab (anti-Notch1, OMP-52M51) in combination with trifluridine/tipiracil (Lonsurf®) in third-line colorectal cancer patients. The company cited that the combination was “not tolerable” in the patient population.
“Based on the events of today and last week, we will be undertaking a comprehensive portfolio prioritization review immediately,” continued Mr. Hastings. “The immediate task ahead is to thoroughly examine the available data, our resources and the opportunities to re-focus our efforts.
Piper Jaffray downgraded the OncoMed Pharmaceuticals Inc. (NASDAQ:OMED) on April 17 to “neutral” from “overweight” with a $5 price target. In his note to investors, Piper Jaffray analyst lowered his FY 2017 EPS estimate from a loss of $2.44 to a loss of $2.56, and raises FY 2018 EPS from a loss of $3.43 to a loss of $2.47, according to StreetInsider.
The company reached a new 52-week low at $3.92, from its previous place at $4.68.
OncoMed Pharmaceuticals Inc. (NASDAQ:OMED) is a clinical-stage biopharmaceutical company focused on discovering and developing novel anti-cancer stem cell and immuno-oncology therapeutics
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The Bottom Line
OncoMed Pharmaceuticals Inc. (NASDAQ:OMED) shed 19.21% in heavy trading to $3.91, after two of its clinical trials did not meet expected results. In addition, the company received a downgrade and slid into a new 52-week low. For further reading, here are 9 highest-paying countries for pharmacists.