Why Compugen Shares Are Up Today
Shares of Compugen (NASDAQ: CGEN) rose more than 10% in early trading Tuesday, a day after the clinical-stage cancer immunotherapy company reported its fourth-quarter and full-year results. While the stock is down more than 73% over the past 12 months, it is up more than 17% so far in 2023.
The biotech stock has been climbing since it announced on Feb. 14 that AstraZeneca was planning to begin its Phase 3 study with rilvegostomiq, derived from Compugen's PD-1/TIGIT bi-specific therapy, COM902, as a therapy in several indications and combinations.
Then after the market closed Monday, Compugen delivered more good news in its earnings report. The company doesn't have any approved drugs on the market, and it only had $7.5 million in collaboration revenue and $3.1 million in losses on the bottom line, so it wasn't the financial side that encouraged investors. What drove the stock up was that two triple-combination proof-of-concept studies involving Compugen therapies were on track, with initial findings expected by the end of this year.
Source Fool.com
