The stock went down 75% because of this news "announced that the AVENGER 500 Phase 3 clinical trial evaluating the efficacy and safety of CPI-613® (devimistat) in combination with modified FOLFIRINOX (mFFX) as a first-line therapy in patients with metastatic adenocarcinoma of the pancreas did not meet its primary endpoint of overall survival.
Devimistat now has been given Orphan Drug Designation for the treatment of patients with relapsed or refractory Burkitts Lymphoma. It accounts for up to 30% of childhood Hodgkin Lymphomas.
“Relapsed or refractory Burkitt’s lymphoma can be a devastating form of cancer that is in need of effective treatment options,” said Sanjeev Luther, President and CEO of Rafael Pharmaceuticals. “Milestones such as this can offer hope for the patients and families who suffer from this rare form of lymphoma with few options to turn to.”
This orphan drug designation is the third granted for devimistat by the EMA, following designations for pancreatic cancer and acute myeloid leukemia (AML). The Food and Drug Administration (FDA) has granted orphan drug designation for devimistat in seven indications in the United States, including in Burkitt’s lymphoma.
Lots more info in the articles. Devimistat seems to have a few drug designations besides just lymphoma or cancer.
Edit: I actually cut my position in half until I work this out some more/learn. It did spike from 7.90 this afternoon to 8.35. I’m practicing taking profits better along with working on analysis and DD. It was only 33 shares not 40 that I may have mentioned.