Biotech Values

[mcbio]

But that modifier (ORR data) is important - ORR often doesn't translate well up the clinical benefit ladder to PFS and then OS.

Well, there is good PFS data: p=.0032 in patients with triple-negative breast cancer with high GPNMB expression.

Also note that the treatment population, if everything goes well, is perhaps 15% of the BC market (assuming that trial entry criteria captured 50% (WAG) of the BC population - but only about 1/3 of that group were subgroups that showed efficacy.). So it isn't a huge market.

I don't think CLDX needs a huge blockbuster here to move the dial on a ~$250M market cap.

That said, I don't see the data as a disappointment either. So a drop in stock price is surprising.

Agree. But I am a biased long. ; )