Five Prime Therapeutics, Inc. (NASDAQ: FPRX) kicked off the Tuesday session with a strong performance. Shares of Five Prime surged 366.29% in the pre-market hours of Wednesday after it disclosed the positive result from the Phase II FIGHT trial.
The Phase II Fight trial has assessed the safety and efficacy of bemarituzumab (FPA144) in combination with mFOLFOX6 for the treatment of gastric cancer. The trial has shown the encouraging result as the treatment is proven to be useful. The positive results of the study will help the company to bring the possible treatment for gastric cancer.
Five Prime Therapeutics, Inc.(NASDAQ: FPRX) surged 331.65% at $23.05 during the pre-market hours of Wednesday. The company’s share went from a low point around $1.75 to briefly over $7.34 in the past 52-weeks low and high range. Its shares have surged 205.14% from its 52-weeks low and plunged -27.25% from its 52-weeks high.
Looking at its profitability, it has return on assets, equity, and investment of $-49.10%, -75.80%, and -94.30%, respectively. Five Prime Therapeutics has a current ratio of 5.30 and a quick ratio of 5.30. This company market capitalization has remained high, hitting $209.22 million.
Five Prime disclosed that it has executed the available FIGHT Phase II data. The company is also planning to share the study results at an upcoming medical conference. Five Prime reported that all three efficacy endpoints in the FIGHT trial including PFS, OS, and ORR reached pre-specified statistical significance in the bemarituzumab arm compared to the placebo arm.
The company is striving to bring potential treatment for patients with FGFR2b+ tumors. Following the news of positive result of the cancer treatment, JP Morgan analyst Eric Joseph has upgraded Five Prime’s stock from underweight to neutral.