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Deciphera Pharmaceuticals Inc (NASDAQ: DCPH) stock price crashed 72% after announcing that the results of the INTRIGUE phase 3 clinical trial of its Qinlock treatment for gastrointestinal stromal tumor (GIST) had missed its primary efficacy endpoint.
Investors were shocked by the announcement leading to the massive selloff that triggered today’s decline. Many considered that the company had invested significant resources into the drug to get it to phase 3 clinical trials, only for it to fail.
The clinical trial did not meet the primary endpoint of improved progression-free survival, or PFS, compared to sunitinib, the current drug used to treat the tumor.
Qinlock took 8.3 months to treat the tumor compared to 7 months for sunitinib. However, the drug showed better results in the AP population, treated in 8.0 months compared to 8.3months for sunitinib.
Unfortunately, the AP Population was not formally tested due to the rules of hierarchical testing.
The biopharma company recently reported its Q3 earnings results, which beat analysts estimates.
Deciphera reported earnings per share of $1.37, beating analysts consensus estimates of $1.28. However, its quarterly revenues were $23.2 million versus consensus estimates of $23,36 million.
At the time, the company had expressed confidence in Qinlock, saying that it had expanded the drugs reach to patients with GIST across the globe.
The firm had received approval for the drug in Taiwan and Switzerland and a positive CHMP opinion for QINLOCK in the EU.
Deciphera was expecting the drug’s approval in the EU by the end of the year, and now it is not clear what will happen to the drug going forward.
*This is not investment advice.
Deciphera Pharma stock price.
Deciphera Pharma stock price crashed 75% to trade at $9.98, falling from Thursday’s closing price of $36.
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