real-time news and commentary for investors
Friday, Aug 30
Feuerstein takes aim at Astex SGI-110 results, shares slide
- Astex Pharmaceuticals (ASTX -4.1%) is notably weak today after running up ~25% on Wednesday following topline data from a Phase 2 trial of SGI-110.
- Not helping the stock's cause is an article from theStreet's Adam Feuerstein who takes issue with RBC analyst Michael Yee's bullish thesis.
- "Concluding that SGI-110 is better than Dacogen [another ASTX product which is licensed to Eisai (ESALF.PK)] based on an interim look at just 17 patients is silly," Feuerstein says, adding that the observed 53% response rate in the cohort of elderly patients with treatment-naive AML "will not hold up once the cohort ... reaches full enrollment."
- Ultimately, Feuerstein thinks it's "premature to say much of anything about SGI-110's activity in AML relative to Dacogen based on the paltry and incomplete data released ... on Wednesday."
- For the record, the company says it released interim results because "the data was material and ASH just cleared [the company] for top-line data release without violating the embargo."