Novartis Surges on Positive Key Cancer Trial Results
Shares of Novartis AG (NVS:US) are moving higher at the start of the new week after the Swiss pharma giant published positive results from a highly-anticipated breast cancer trial.
Novartis said that the Kisqali phase III Natalee trial met its primary endpoint at interim analysis. The trial showed that the therapy can “significantly” reduce the risk of disease recurrence.
“NATALEE is the first and only positive Phase III study of a CDK4/6 inhibitor demonstrating consistent benefit in a broad population of patients with stage II and III HR+/HER2- early breast cancer (EBC) at risk of recurrence, including those with no nodal involvement,” the company said in a press release.
As such, the Independent Data Monitoring Committee recommended stopping the trial early as the primary endpoint has been met.
“These data have the potential to be paradigm-shifting for patients at risk of recurrence, including those with no nodal involvement, who have limited well-tolerated options to prevent recurrence,” said Shreeram Aradhye, President, Global Drug Development, and Chief Medical Officer at Novartis.
Shares are reacting positively as analysts see a huge revenue opportunity for Novartis. According to ZKB analysts, sales of this treatment could increase the company’s annual sales by as much as $12.7 billion.
Congressman Ro Khanna invested $15,000 - $50,000 in Novartis on February 10 when the stock closed at $86.48. Shares now trade close to $90 a share, which is their highest level in nearly 2 months.
On the other hand, Representatives Daniel Goldman and Kevin Hern were selling Novartis shares earlier this year. The former sold $15,000 - $50,000 worth of shares a month ago.
