Today’s Research Reports on Stocks to Watch: AbbVie and Progenics Pharmaceuticals
Both AbbVie and Progenics had data results this week for Wall Street to absorb. While shares of AbbVie saw gains on its data for Upadacitinib, an investigational oral agent engineered by the company to selectively inhibit JAK1 and is being studied as a once-daily therapy in atopic dermatitis, shares of Progenics were in the red on missing one endpoint in its phase 3 clinical trial testing of its prostate cancer imaging agent, 1404.
RDI Initiates Coverage on:
Progenics Pharmaceuticals, Inc.
AbbVie Inc. shares closed up 3.31% on about 4.8 million shares traded on Thursday. The company presented Upadacitinib longer-term (32-weeks) and patient reported outcomes data from its Phase 2b Atopic Dermatitis Study at 27th European Academy of Dermatology and Venereology Congress. Upadacitinib is an investigational oral agent engineered by the company to selectively inhibit JAK1. It is being studied as a once-daily therapy in atopic dermatitis and the Phase 3 clinical program was initiated last month. According to the results, across all doses, a significantly greater proportion of patients who remained on upadacitinib showed continuous improvements in skin lesions and pruritus (itch) at week 32 compared to patients re-randomized to placebo. Results also showed that at week 32, patients who switched from placebo to upadacitinib 30 mg at week 16 showed greater improvements in skin lesions and itch compared to those remaining on placebo.
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Progenics Pharmaceuticals, Inc. shares closed down nearly 18% yesterday on about 6 million shares traded. The company saw its shares tank after reporting concerning top-line data for the phase 3 clinical trial testing of its prostate cancer imaging agent, 1404, on Wednesday. The study did not meet the other endpoint of sensitivity but did prove specific enough. Specificity was defined as the ability of 1404 to identify patients without clinically meaningful prostate cancer. According to the results, three independent readers of the scans put the specificity in the range of 71% to 75% with a 95% confidence interval of 64% to 80%- that is, 95% of the time, if the trial was repeated, the result would fall in that range. As for 1404 to identify patients with clinically significant disease, this number only came in at 47% to 51% among the three readers with a 95% confidence interval of 41% to 56%. The results indicated too many false-negative calls of patients who had prostate cancer but were deemed to not have clinically meaningful disease. "These top line Phase 3 results of 1404 are inconsistent with the prior Phase 2 data, which showed significantly higher sensitivity rates,” stated CEO Mark Baker. He added, "We are currently conducting a thorough analysis of the full data set to understand the factors that may have contributed to this outcome and determine the appropriate development path for this novel agent in patients with low-grade prostate cancer. We plan to complete this review in the next quarter."
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Our Actionable Research on AbbVie Inc. (NYSE: ABBV) and Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) can be downloaded free of charge at Research Driven Investing.
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