It has been a generally decent week for biotech stocks but one of the leading gainers in the market has been the TrovaGene Inc (NASDAQ:TROV) stock. Back on October 22, the company released highly positive data from the preliminary Phase 1B and Phase 2 clinical trial of its KRAS mutation-positive metastatic colorectal cancer medicine onvansertib. The stock has soared over 80% over the past 8 trading sessions.
The study revealed that that medicine had successfully reduced the KRAS mutational burden in the four patients who had been administered with the medicine. It goes without saying that it is a significant development for the company and the data from the first initial stage of studies have proven to be highly encouraging.
On the day the company released the data; stock soared by as much as 79% and has shown good momentum since. It is quite clear that it is a significant development for the company and TrovaGene Chief Executive Officer Dr. Thomas Adams said as much. He said, “We are pleased by the early indication of response to treatment with the addition of onvansertib to standard-of care in patients with KRAS-mutated mCRC.” The CEO went on to add that he believes that the medicine could go on to become one of the handfuls of safe and effective treatments for reducing KRAS related metastatic colorectal cancer.
That being said, it should be noted that the data is only from the preliminary study and the sort of rally that the TrovaGene stock has enjoyed might not sustain if more positive news is not on the way soon. After all, it is just preliminary data. The company has however provided an timeline on how the entire thing is going to work out. It is going to sign up as many as 40 patients for the clinical study and it would ready with its results at some point in May of 2021. That being said, investors should watch this stock closely over the coming days.