Summary
Stock prices for Ligand Pharmaceuticals have tumbled in recent days after news that its lung cancer drug Targretin has not lived up to expectations in clinical trials. Ligand officials had expected Targretin to lead to longer lives for cancer patients who also undergo chemotherapy, but two studies of its initial users showed it did not live up to that goal. Targretin remains on the U.S. drug market, but it has an uncertain future.
Original source:
http://abcnews.go.com/Business/wireStory?id=619397
Details
- Ligand Pharmaceuticals Inc. on Monday said its lung cancer drug Targretin failed to meet goals for improving overall and two-year survival in its two main studies, sending shares plummeting more than 24 percent.
- Brokerage firm First Albany, which earlier this year boosted its rating and price target for the company partly on hopes for the new use for the drug, on Monday downgraded its rating to "neutral" from "buy" due to the trial results.
- Small-cell lung cancer is one of the deadliest forms of cancer.
- The clinical trials tested whether Targretin could extend the lives of patients with small-cell lung cancer, when added to standard chemotherapy treatments.
- Targretin, already approved by the U.S. Food and Drug Administration for lymphoma, failed to meet any of its goals in the two key studies.
- The company said it plans to continue to analyze the data and make a detailed scientific presentation at upcoming conferences.
- UBS analyst Maged Shenouda, who rates the shares neutral and had not included sales of Targretin in earnings models, on Monday advised investors to remain on the sidelines until the company has filed its delayed statements for fourth-quarter and full-year 2004 earnings.
- Shares fell $2.03 to $6.20 in Monday morning trading on Nasdaq.
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