Shares of Lantheus Holdings Inc. (LNTH) and Point Biopharma Global Inc. (PNT) experienced a sharp decline in premarket trading on Monday following the release of new data from a trial involving their experimental treatment for prostate cancer. This latest therapy, known as Lu-PNT2002, successfully achieved the primary objective of the trial, exhibiting a median progression-free survival rate of 9.5 months. This result far surpassed the six-month progression-free survival rate observed in patients receiving an alternative treatment known as an androgen receptor pathway inhibitor.
Comparing Lu-PNT2002 to Novartis AG’s Pluvicto
Investors were particularly interested in how Lu-PNT2002 would measure up against Novartis AG’s Pluvicto, another radioligand therapy that administers targeted radiation to cancer cells while minimizing damage to healthy cells. In October, Novartis released data that demonstrated Pluvicto’s median progression-free survival rate of 12 months, compared to only 5.6 months for patients receiving androgen receptor pathway inhibitors.
Market Reaction to the Trial Data
In response to the new trial data, Lantheus stock experienced a 20% decline in premarket trading on Monday. However, it is still showing a promising overall performance, with shares up by 49% since the beginning of the year. Similarly, shares of Point Biopharma fell by 10.9% in premarket trading but have achieved a significant gain of 92% this year. On the other hand, Novartis American depositary receipts increased by 1.2% in premarket trading on Monday.
The release of this trial data marks an important milestone in the development of new treatments for prostate cancer. As these companies continue to explore innovative therapies, close attention must be paid to further advancements in the field.