Celgene gets a booster shot from recent positive clinical trial results

Troubled pharma giant Celgene (CELG) has announced 3 positive clinical trial results in the past two weeks. Today, the company reported positive results for its Phase III study of a breast cancer treatment, which was sponsored by Roche. Celgene, along with Acceleron Pharma (XLRN), had reported positive results recently in other two clinical trials.

“The IMpassion130 results are extremely encouraging for patients with this highly aggressive form of breast cancer for which there are limited options,” said CMO Jay Backstrom.  According to the American Cancer Society, it is projected that 266,120 women in the US will be diagnosed with invasive breast cancer and 40,920 women will die because of it in 2018.

Related: Celgene plunges to a new 52-week low

On Monday, Celgene and Acceleron reported that blood-disorder drug Luspatercept met the endpoints of Phase III study. On June 28, both the companies announced that Luspatercept met the endpoints in the treatment of beta-thalassaemia study. The companies plan to apply for regulatory approvals for Luspatercept in the US and Europe during the first six months of 2019.

Celgene will be discussing the data from all these three clinical trials in the upcoming medical meetings in this year.

Celgene stock rose 2% in the pre-market trading session and continued to trade in the positive territory when the market opened today. Shares of Celgene, which hit its yearly low on May 21, were trading between $74.13 and $147.17 in the past one year and plunged about 20% so far this year.

Related: Celgene inks a deal with Skyhawk Therapeutics

Meanwhile, Acceleron stock was up 3% today. It’s worth noting that shares of Acceleron have skyrocketed 44% and Celgene shares climbed 10% after their announcement on June 28.