During premarket trading Wednesday, shares of BeyondSpring Inc. BYSI, +1.58% more than tripled — up 242 percent — after the biopharmaceutical company announced that a Phase 3 trial of its lung cancer treatment had met its primary and secondary endpoints. After closing at a record low last week, the stock was set to open at its highest price since April 2018. Comparatively, the full-day average of about 196,000 shares was exceeded by 8.0 million shares, according to marketwatch.com.
In addition to improving overall response rates, progression-free survival, and 24- and 36-month overall survival rates, plinabulin met secondary endpoints, including a reduction in the incidence of Grade 4 neutropenia. Plunabulin’s immune-enhancing mechanism of action is complementary to that of checkpoint inhibitors, according to Chief Medical Officer Ramon Mohanlal. Plunabulin will be combined with triple IO combinations in multiple tumor indications as a result of the study’s success, he added.
Year-to-date, shares of the company had fallen 21.1 percent through Tuesday, while the iShares Biotechnology ETF has risen by 11.8%, and the S&P 500 has gained 17.8%.