Shares of Gilead Sciences Inc.
GILD,
tumbled 10.9% beating in premarket trading Monday, to pullback from an 11-month high, after the biotechnology company disappointing trial results of its lung cancer treatment. That selloff would put the stock in danger of the biggest one-day decline since it plunged 14.3% on Dec. 22, 2014. The company said the Phase 3 Evoke-01 study of Trodelvy vs. docetaxel did not meet its primary endpoint of overall survival in previously treated metastatic non-small cell lung cancer (NSCLC). Meanwhile, Trodelvy was well tolerated and no new safety signals were identified. Gilead said it plans to discuss the results of the trial with regulators. “The totality of our data gives us continued confidence in Trodelvy’s potential in metastatic NSCLC, and in our broader lung cancer clinical development program,” said Chief Medical Officer Merdad Parsey. The stock has gained 12.2% over the past three months through Friday, while the S&P 500
SPX,
has rallied 14.3%.
