- The stock price of Surface Oncology Inc (NASDAQ: SURF) increased today. This is why it happened.
The stock price of Surface Oncology Inc (NASDAQ: SURF) increased today. Investors appear to be responding to recent positive news from AstraZeneca regarding the results for the anti-CD73 monoclonal antibody oleclumab combined with Imfinzi (durvalumab).
On Friday, AstraZeneca said that the results from the large, randomized COAST Phase II trial showed oleclumab or monalizumab (an anti-NKG2A monoclonal antibody) in combination with Imfinzi (durvalumab) improved progression-free survival (PFS) and objective response rate (ORR) compared to Imfinzi alone in patients with unresectable, Stage III non-small cell lung cancer (NSCLC) who had not progressed after concurrent chemoradiation therapy (CRT).
And AstraZeneca noted that oleclumab is a potentially first-in-class, anti-CD73 monoclonal antibody that selectively binds to and inhibits the activity of CD73. CD73 is known as a cell surface enzyme which is overexpressed in the tumor microenvironment and promotes tumor growth by limiting anti-tumor immunity via the adenosine receptor pathway.
Several years ago, Surface Oncology granted Novartis an exclusive license for developing and commercializing antibodies targeting CD73. And Seeking Alpha pointed out that as of the end of 2020, Surface Oncology was entitled to $525 million in milestone payments along with tiered royalties from Novartis for the anti-CD73 molecule NZV930.
Other companies that also saw a boost in stock prices due to this news include Corvus Pharmaceuticals and Arcus Biosciences.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.