Calithera Biosciences (NASDAQ:CALA) Stock Tanks 55% In A Week: What’s The Buzz?
Calithera Biosciences (NASDAQ:CALA) stock continues to trend lower and has tanked 55% over the past week.
Market Stats
On Monday, CALA stock moved up 1.78% at $0.8782 with more than 10.51 million shares, compared to its average volume of 911K shares. The stock has moved within a range of $0.8501 – 0.9787 after opening the trade at $0.8670.
Announces Decision to Discontinue KEAPSAKE Clinical Trial
Clinical-stage, precision oncology biopharmaceutical company, Calithera Biosciences (NASDAQ:CALA) on November 5, 2021 announced the decision to terminate phase 2 KEAPSAKE clinical trial due to lack of clinical benefit seen in patients treated with telaglenastat in interim analysis.
Susan Molineaux, PhD, chief executive officer of Calithera, expressed disappointment in the outcome but said that it was a well-run study that gave response to a vital clinical question.
The CEO also expressed gratitude to the patients participating in the trial and the families along with the physicians serving as investigators for trial. Furthermore, she said that the company is committed to patients with hard to treat cancers and would be continuing to move ahead on its investigational targeted therapies for biomarker-specific patient populations.
The CEO said that its near-term clinical development include leveraging biomarket as well as clinical expertise for developing inhibitor sapanisertib in squamous non-small cell lung cancer.
Calithera also said that it will be continue to develop arginase inhibitor CB-280 for the treatment of cystic fibrosis.
The phase 2 randomized, placebo-controlled, double-blind KEAPSAKE study was done to assess anti-tumor activity as well as safety of telaglenastat plus standard-of-care chemoimmunotherapy. About 40 patients were randomised at the time of unblinding and the available effectiveness data did not show any clinical benefit.
Key Quote
“We are disappointed in this outcome for the KEAPSAKE trial, but it was a well-run study with an interim analysis that gave us an answer to an important clinical question. We also want to express our sincere gratitude to the patients who participated in the trial and their families, as well as the physicians who served as investigators for the trial and their site staff,” said Susan Molineaux, PhD, chief executive officer of Calithera.
Traders Corner
CALA stock is above below the 20-Day and 50-Day Moving averages of $1.77 and $2.06 respectively. Moreover, the stock is trading below 200-Day moving average of $2.30. The stock is down 62% in the past 3-month.
