Inhibrx Biosciences Inc. (NASDAQ:INBX) shares rose 75.95% in after-hours trading on Thursday, closing at $49.90.
Check out the current price of INBX stock here.
According to Benzinga Pro data, the stock closed regular trading at $28.36, down 10.03%.
ChonDRAgon Study Results Announced
On Thursday, the California-based clinical-stage biopharmaceutical company announced positive topline results from the registrational ChonDRAgon study, a Phase 2 trial evaluating ozekibart (INBRX-109) as a single agent versus placebo in patients with advanced or metastatic, unresectable chondrosarcoma.
Primary Endpoint Achievement
The 206-patient study met its primary endpoint, showing a statistically significant and clinically meaningful improvement in median progression-free survival.
Ozekibart lowered the risk of disease progression or death by 52% compared with placebo, with a stratified hazard ratio of 0.479 and a 95% confidence interval of 0.33 to 0.68, and a P value of less than 0.0001.
Median PFS reached 5.52 months versus 2.66 months for placebo.
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The company said Ozekibart is the first experimental therapy to demonstrate progression-free survival benefit in a randomized trial for chondrosarcoma, a cancer with no approved systemic treatments.
Additional Cohort Data
Inhibrx also reported results from expansion cohorts testing ozekibart with chemotherapy regimens.
Ozekibart combined with FOLFIRI showed a 23% overall response rate in late-line colorectal cancer patients, while the combination with irinotecan and temozolomide (IRI/TMZ) demonstrated a 64% overall response rate in patients with refractory Ewing sarcoma.
Stock Performance
The stock of the biotechnology company has gained 84.16% so far this year.
Inhibrx Biosciences' shares closed Thursday at $28.36, falling 25.8% from their year-to-date high of $38.22 reached on Monday.
It has a 52-week range of $10.80 to $39.27 and a market capitalization of $410.81 million.
Benzinga's Edge Stock Rankings indicate that INBX has a positive price trend across all time frames. Know how its momentum lines up with other well-known names.
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