Elevation Oncology Plunges 42% on Ending Development of Lead Drug [Yahoo! Finance]
Elevation Oncology, Inc. - Common stock (ELEV)
Company Research
Source: Yahoo! Finance
EO-3021 for treating advanced, unresectable or metastatic gastric and gastroesophageal junction (GEJ) cancers. Data from the study showed that patients who were treated with ELEV's lead drug showed an objective response rate (ORR) of 22.2% —out of 36 evaluable patients, there was one complete response and seven partial responses. Following the disappointing study results, Elevation Oncology decided not to pursue further clinical development of EO-3021. Instead, the company will now shift its focus to solid tumor candidate EO-1022, for which an investigational new drug (IND) filing with the FDA is expected next year. As a result of this decision, ELEV is now without a pipeline candidate in clinical development. These factors were likely responsible for the significant drop in share price. Year to date, Elevation Oncology's shares have plummeted nearly 51% against the industry's 7% growth. Image Source: Zacks Investment Research The decision to terminate EO-3021 has led Elevat
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