Advaxis, Inc. (NASDAQ: ADXS) is running for the top in the market this morning, following up on the gains that we saw Monday from the stock. Today, the stock is up more than 8% as yesterday’s profit taking brought it down to what many see as a discount.
So, what’s the deal? Why is the stock on an upward trajectory and will it last? Here’s what’s going on:
ADXS Stock Enjoys A Second Round Of Investor Excitement
This week’s gains in Advaxis started in the premarket on Monday after the company announced positive clinical data. The data came from an ongoing Phase 1/2 trial with a goal of assessing the safety and tolarbility of ADXS-PSA in combination with KEYTRUDA and as a standalone treatment option.
The Phase 1/2 trial includes 50 heavily pretreated patients and is conducted in two parts. Patients include in the trial have been diagnosed and completed several lines of treatment for metastatic, castration resistant prostate cancer.
In Part A of the trial, ADXS is assessing ADXS-PSA as a standalone treatment option. In Part B, the company is assessing the drug as a potential therapy in combination with KEYTRUDA.
In the recent announcement, the company said that overall survival for patients taking ADXS-PSA in combination with KEYTRUDA has climbed to 33.6 months. At the last update, median progression free survival was 22.1 months.
Why Are Investors So Excited?
While clinical data tends to lead to moves in the market, early stage data like this generally leads to a single session move. Here we are, 3 days later, and the stock is headed up yet again. So, why are investors so excited about Advaxis? Well, there are several reasons:
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