Key points:
- The Briacell stock rallied 13.3% after the FDA's fast track designation.
- Investors cheered the decision, but BCTX stock could have rallied higher.
- BCTX stock is currently in a downtrend for the past three days after peaking.
The Briacell Therapeutics Corp (NASDAQ: BCTX) stock price rallied by 13.32% after the US Food & Drug Administration (FDA) granted its lead candidate Bria-IMT, which treats metastatic breast cancer, fast track status.
Also read: The Best Healthcare Stocks To Buy Right Now.
The drug uses a combination of immune checkpoint inhibitors. The company presented its initial data on patient survival in a study presented at the San Antonio Breast Cancer Symposium in December 2021.
Briacell’s study was unique in that it had been done over 12 months compared to other studies conducted for 7-10 months in 3rd line breast cancer patients.
Dr Del Priore, BriaCell's Chief Medical Officer, said: “We are grateful for the opportunity to accelerate the development of our novel immunotherapy in advanced breast cancer. We continue to move forward with the clinical evaluation of Bria-IMT(TM) towards a potential registration study to bring hope to patients living with this deadly disease,”
Investors cheered the news, evidenced by the rally in BCTX’s stock price, but I was hoping for a more significant rally.
BCTX stock had fallen significantly in the past two days after hitting the significant $12 resistance level on Friday. Today’s rally was already in trouble at the time of writing as the stock had given up some of its gains.
The company had recently announced that its novel off-the-shelf, OTS, personalized immunotherapy, Bria-OTS, is currently being manufactured at a cGMP facility and undergoing quality control testing for the potential upcoming clinical trial for patients with advanced breast cancer.
Briacell made the announcement last week on Thursday, triggering the move higher in its stock price. Bria-OTS is different from Bair-IMT, which just received FDA fast-track designation since it is a different immunotherapy treatment that is yet to reach the clinical stages.
The company’s prospects are pretty promising as it works on multiple drug candidates targeting breast cancer patients. The firm has made significant progress in its multiple drug therapies.
Investors looking for an opportunity to buy BCTX stock may find that the recent pullback presents a perfect opportunity. Still, they must wait for an excellent bottoming pattern before jumping in.
*This is not investment advice. Always do your due diligence before making investment decisions.
BCTX stock price.
BCTX stock price soared 13.32% to trade at $11.23, rising from Tuesday’s closing price of $9.91.