Shares of Zymeworks Inc. ZYME rallied 14% in premarket trading on Thursday after the company and Jazz Pharmaceuticals Inc. JAZZ said their experimental cancer drug had an overall survival rate of 84% in patients being treated for a type of metastatic gastroesophageal adenocarcinoma after 18 months. The companies are testing zanidatamab in combination with chemotherapy as a first-line treatment in an open-label Phase 2 clinical trial. They are currently enrolling patients into a Phase 3 clinical trial. Zymeworks’ stock is down 25.7% over the past year, while the broader S&P 500 SPX has declined 14.1%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.