Biopharma stocks are getting butchered.
All after Roche Holding announced disappointing results from an experimental cancer drug called tiragolumab. In fact, in a Phase 3 trial, the drug, delivered in combination with cancer drug Tecentriq failed to slow disease progression in non-small cell lung cancer patients.
That news sent Roche down about $3.72 on the day.
According to Barron’s, “Tiragolumab is a novel immunotherapy treatment known as an anti-TIGIT, intended to help a patient’s immune system attack cancerous tumors. Pharmaceutical companies and biotechs have been racing to bring an anti-TIGIT drug to the market, and tiragolumab is the farthest along in the development process.”
Other stocks down on the news include Arcus Biosciences (RCUS), which is also testing an anti-TIGIT antibody drug in Phase 2 and Phase 3 studies. RCUS is now down 28% on the Roche news. Gilead (GILD), which partnered with RCUS is also down slightly. iTeos Therapeutics (ITOS) is also down about 29% on the news.
However, we’d keep an eye on RCUS and ITOS. Both may have been unfairly beaten down on the disappointing Roche news.