Promising Clinical Trial Updates and Earnings Reports Drive Stock Price Movements: PDS Biotechnology, eFFECTOR Therapeutics, Costco, and Gap
- May 26th, 2023
- 334 views
PDS Biotechnology Corporation (Nasdaq: PDSB) and eFFECTOR Therapeutics, Inc. (Nasdaq: EFTR) shared promising interim data updates from their respective clinical trials, leading to significant stock price movements in after-hours trading. These developments highlight the potential for innovative treatments in the fight against cancer.
PDS Biotechnology announced encouraging interim data from the VERSATILE-002 (NCT04260126) Phase 2 clinical trial, which focused on investigating the combination of PDS0101 and Merck's (NYSE: MRK) anti-PD-1 therapy, KEYTRUDA (pembrolizumab), in patients with unresectable, recurrent, or metastatic human papillomavirus (HPV)16-positive head and neck cancer. The updated survival data from VERSATILE-002 suggests that the addition of PDS0101 to KEYTRUDA may improve the survival rates for the growing number of HPV16-positive head and neck cancer patients.
Following this announcement, $PDSB experienced a significant increase in after-hours trading, reaching $8.86, which corresponds to a notable surge of 31.85%.
In a similar vein, eFFECTOR Therapeutics announced positive interim data updates from a Phase 2 expansion cohort that evaluated zotatifin combined with fulvestrant and abemaciclib (ZFA triplet) in patients with ER+ metastatic breast cancer.
This news triggered a significant rise in $EFTR during after-hours trading, with the stock reaching $0.87, reflecting an impressive increase of 64.46%.
Turning our attention to the retail sector, Costco Wholesale Corporation (Nasdaq: COST) reported its third-quarter fiscal 2023 earnings per share (EPS) of $2.93, falling short of the consensus estimate of $3.29. Following this announcement, $COST experienced a slight decline in after-hours trading, with a decrease of 0.42% and reaching $484.50.
In contrast, The Gap, Inc. (NYSE: GPS) announced its first-quarter fiscal 2023 adjusted EPS of $0.01, defying expectations of a loss of $0.16 per share according to consensus estimates. This positive surprise delighted investors, leading to a significant surge in $GPS during after-hours trading. The stock experienced an impressive increase of 13.75%, reaching $8.44.
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