Bio-Path Holdings, Inc. (NASDAQ: BPTH) experienced a remarkable surge in premarket trading on Monday, following a substantial climb of nearly 7% on Friday. The stock soared an astounding 62%, reaching a high of $3.38 during early premarket hours, compared to its Friday price of $1.93. This surge was accompanied by a notable trading volume of 1.5 million shares, indicating considerable bullish sentiment in extended trading.
Table of Contents
Toggle- Promising Bio-Path Phase 2 Data
- Optimistic Prospects
- Conclusion
Promising Bio-Path Phase 2 Data
This surge comes on the heels of promising phase 2 data presented by Bio-Path at the American Society of Clinical Oncology (ASCO) Annual Meeting on June 1, 2024. The company's lead product candidate, prexigebersen (BP1001), demonstrated compelling efficacy results in two reporting cohorts of acute myeloid leukemia (AML) patients. In Cohort 1, which included newly diagnosed patients, 75% of evaluable patients achieved complete remission (CR), CRh, or CRi, while in Cohort 2, comprising relapsed/refractory patients, 55% achieved CR/CRi/CRh.
Optimistic Prospects
Maro Ohanian, D.O., from the University of Texas MD Anderson Cancer Center, presented the data, highlighting prexigebersen's well-tolerated nature and its potential to address the unmet needs of vulnerable cancer patients. Peter Nielsen, CEO of Bio-Path, expressed confidence in prexigebersen's ability to make a difference in patients' lives, especially considering the limited treatment options available.
The interim results also showed that adverse events were consistent with expectations for AML treatment, with fatigue, anemia, and neutropenia being the most common, while febrile neutropenia and sepsis were the most frequent severe adverse events. Encouraged by these findings, Bio-Path plans to continue enrollment in both cohorts, aiming for up to 98 and 54 evaluable patients in Cohorts 1 and 2, respectively.
Conclusion
As investors anticipate further developments, some speculate that the stock could surpass $4.50, considering the positive momentum and limited short shares available, with a barrow fee of 240%. Bio-Path's innovative approach to developing RNAi nanoparticle drugs has positioned it as a key player in the biotechnology sector, with potential implications for the treatment of various cancers.