As expected, ArQule (ARQL -7.4%) presented MARQUEE data over the weekend at ECC and thanks (at least in part) to RBC's Adnan Butt and Reuters, investors had high hopes that new information would lead to a second chance for tivantinib in NSCLC. (see original Reuters article)
Judging by today's market reaction, investors were underwhelmed (or just taking profits after Friday's rally).
MARQUEE was halted last fall after it became apparent that the study was unlikely to meet the OS primary endpoint.
However, the data presented over the weekend appears to show a PFS benefit (secondary endpoint): "In the ITT population of 1048 patients ... median PFS was 3.6 months in the treatment arm versus 1.9 months in the control arm."
Hazard ratio was 0.74 compared to 0.98 for OS. (PR)