In the latest biotech stocks alerts, Argos Therapeutics Inc (NASDAQ:ARGS) reported that an independent data monitoring committee suggested the firm to discontinue its late-stage study for the cure of metastatic renal cell carcinoma. The firm said the IDMC reported that the biotech stock firm’s combination cure was unlikely to show a statistically notable improvement, which is the primary objective of the study.
Following the news, the stock price of Argos declined more than 9% to close the week at $1.23. The decline came at a massive share volume of 1.49 million compared to average share volume of 601,934. After the recent close in red, the market cap stands at $45.85 million.
Prior to this update, thinly traded micro-cap Argos reported that its Phase 3 clinical study, ADAPT, evaluating rocapuldencel-T, together with Pfizer Inc.(NYSE:PFE)‘s SUTENT, for the cure of metastatic renal cell carcinoma will probably fail. A preliminary data assessment by the independent Data Monitoring Committee demonstrated that the trial will be unlikely to show a statistically valid improvement in OS in the cure treatment arm, the key endpoint. The DMC has suggested the trial be discontinued for futility.
Argos reported that it will assess the data and will discuss the report with the U.S. FDA prior to determining on what measure to finalize with the rocapuldencel-T plan. Rocapuldencel-T is a customized immunotherapy that notes both variant and mutated antigens that are exclusive to each subject’s tumor. It is particularly intended to induce an immune response aiming the patient’s specific tumor antigens.
Biotech stocks index didn’t perform in par with the leading index in 2016, declining almost 20% on the year. For this year, there are many reasons to consider that the sector can emerge as a strong performer. The biotech industry will stand out as key segment in this year, and will offer good returns and notably surpass the overall market.