Deciphera Pharmaceuticals’ stock price plummeted after the company announced that its Phase 3 trial of QINLOCK met its goal. Deciphera stock drops 75,50% at $8,82. DCPH stock trades 8% higher today in the pre-market session to cost $9,53. The study, which was a late stage study, failed to meet its primary objective of improving the survival rate of patients with advanced melanoma. The company noted that the study was well-designed and that it was disappointed with the results, but it was still satisfied with the results. The CEO of Deciphera, Hoerter noted that QINLOCK is the standard of care for patients with fourth-line GIST.
Deciphera was downgraded to hold from buy, while Guggenheim and Piper Sandler cut the stock to neutral from buy. Deciphera Pharmaceuticals develops drugs that target key mechanisms of drug resistance to improve the lives of cancer patients. Its lead drug candidate is QINLOCK, which is being used for the treatment of GI stromal tumors. The company is also developing various cases for inhibitor drugs for the treatment of various solid tumors. Its lead product candidate is sunitinib, which is in a Phase 1b/2 trial for the treatment of advanced solid tumors.