Loxo Oncology shares surge 21% on preview of cancer drug trial data
Loxo Oncology Inc. shares surged 20.8% in heavy Thursday morning trade after the company released a preview of early data for its cancer drug LOXO-292. The data, which will be presented at the American Society of Clinical Oncology’s annual meeting in early June, looks at interim data from an ongoing phase 1 clinical trial for LOXO-292. The results were impressive, with apparently “unremarkable” safety data, said Stifel analyst Stephen D. Willey, who now expects peak U.S. sales for the drug of more than $800 million. The abstract’s results cover the clinical trial through January 2018, but the ASCO presentation will cover the trial through April 2018, and “the efficacy data have improved between the January and April data cut-off dates,” the company noted. Loxo shares have surged 60.9% to $168.30 over the last three months, compared with a 0.1% decline in the S&P 500 and a 1.5% decline in the Dow Jones Industrial Average .