Why Is Gilead Sciences Stock Sliding Tuesday?

Loading...
Loading...

Gilead Sciences Inc GILD shares are trading lower Tuesday after the company reported results from its Phase 2 non-small cell lung cancer study.

What Happened: Gilead reported results from the fourth interim analysis of the ARC-7 study in patients with first-line, metastatic non-small cell lung cancer.

ARC-7 is a Phase 2 study evaluating the combinations of Fc-silent anti-TIGIT monoclonal antibody domvanalimab plus anti-PD1 monoclonal antibody zimberelimab and domvanalimab plus zimberelimab and etrumadenant, an A2a/b adenosine receptor antagonist, versus zimberelimab monotherapy. 

Both combinations demonstrated clinically meaningful improvements in median progression-free survival compared to zimberelimab monotherapy. The double combination showed a 45% reduction in risk of disease progression, while the triplet combination showed a 35% reduction. 

Related Link: Gilead-Arcus Partnered Domvanalimab Combo Study Show Improved Progression-Free Survival In Lung Cancer Patients

What Else: Gilead subsidiary Kite signed an agreement to acquire clinical-stage private biotech company Tmunity Therapeutics. Tmunity is focused on next-generation CAR T-therapies and technologies.

"Together, we bring a deep understanding of cell therapy as an effective platform, and combined with Kite's industry-leading global scale, we collectively have a singular focus: to use cell therapy to develop potential cures, and to get them to patients as quickly as possible," said Christi Shaw, CEO of Kite. 

GILD Price Action: Gilead shares are down 3.68% at $83.23 at the time of writing, according to Benzinga Pro.

Photo: Tony Webster from Flickr.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: MoversTrading Ideaswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...