Cancer Drug Trials Positive Data shoots Biotech Stocks High – Market News Store

Cancer Drug Trials Positive Data shoots Biotech Stocks High

Biotech stocks rose on Monday after pharmaceutical companies tested positive for experimental drugs that give hope for innovative treatments for some of the world’s most difficult cancers.

SPDR S & P Biotech XBI, an ETF following the largest companies in the sector, reached 1.3% in the intraday trading session, as well as the first positive day in five. The industry, led by anti-cancer drug Mirati Therapeutics, is the best of its time in almost two years, at more than 34%, in almost two years ago. Nektar Therapeutics grew 12%.

Mirati’s actions rose after Amgen’s presentation of positive data on Monday in Chicago at the 2019 meeting of the American Society of Clinical Oncology.

Amgen researchers said that a trial drug targeting a mutated gene, KRAS, reduced the growth of the tumor in a small clinical study with lung cancer patients. Scientists believe that mutations in KRAS cause cancer and are present in some patients with pancreatic cancer, colon cancer, and lung cancer. These data were considered positive for Mirati, a small biotech company that also develops drugs that target mutations in KRAS.

The San Francisco-based biotechnology company said its melanoma therapy, bempegaldesleukin, is associated with Bristol-Myers Squibb opdivo, a small number of patients with advanced skin cancer after one year.

Biotechnology stocks have fallen in the last three months due to concerns about health as a whole, and lawmakers in Washington have managed to dramatically change the health landscape. Despite concerns, the biotechnology sector has increased by about 12% since the beginning of the year, compared to 9% for the S&P 500.

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