Why Five Prime Therapeutics Stock Is on the Rebound Today

After a whopping 41% drop yesterday, shares of the clinical-stage biotech Five Prime Therapeutics (NASDAQ: FPRX) are on the mend today as the result of an upbeat clinical update. Specifically, Five Prime provided an investor update this morning regarding the company's experimental pancreatic cancer drug, cabiralizumab, that's currently being assessed in combination with Bristol-Myers Squibb's (NYSE: BMY) immunotherapy Opdivo (nivolumab) in an early-stage study.

The key takeaway is that the combo produced a "durable clinical benefit" in 16% of the patients (5/31) enrolled in this study so far. Bristol and Five Prime also noted that the therapy has an acceptable safety safety profile when assessed across its broader clinical program for solid tumors, although there were three treatment-related deaths. Five Prime's shares ended the day up 17.7% as a result of this news.

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Source: Fool.com