Stock Alert: Odonate Therapeutics Down 30%

(RTTNews) - Shares of Odonate Therapeutics, Inc. (ODT) plunged over 30% on Monday morning, despite the pharma company announcing a positive top-line results from a late-stage study of breast cancer drug.

ODT is currently trading at $22.84, down $10.70 or 31.89%, on the NYSE.

The Phase 3 study compared tesetaxel, an investigational drug for patients with metastatic breast cancer, with capecitabine in 685 patients. Capecitabine is an oral chemotherapy agent that is considered a standard-of-care treatment in metastatic breast cancer.

The trial achieved primary endpoint of improved progression-free survival compared to the approved dose of Capecitabine alone.

The median progression-free survival was 9.8 months for Tesetaxel plus a reduced dose of capecitabine compared to 6.9 months for the approved dose of Capecitabine Alone, which is an improvement of 2.9 months.

Meanwhile, the company said data for overall survival, the secondary enpoint, are not mature, however, a recent interim analysis indicated the absence of an adverse effect. A final analysis of overall survival is expected to occur in 2022.

The company plans to submit a New Drug Application for tesetaxel to the FDA in mid-2021.