Shares of Theseus Pharmaceuticals took a significant hit on Friday following the company’s announcement that it would be discontinuing the development of THE-630 for patients with gastrointestinal stromal tumors.
The decision to terminate development came after the company discovered two dose-limiting toxicities associated with hand-foot skin reaction. As a result, Theseus Pharmaceuticals will now prioritize the development of THE-349 for EGFR mutant non-small cell lung cancer. The company plans to submit an investigational new drug application for THE-349 in the fourth quarter.
At 3:22 p.m. EDT, Theseus Pharmaceuticals’ stock was trading at $2.65 per share, marking a staggering decrease of 72.1%. The volume of shares being traded at that time exceeded the stock’s 65-day average volume of 214,407 shares, reaching 9.4 million shares.
The stock opened at $3.20 per share on Friday, showing a significant drop from its previous closing price of $9.52 on Thursday. During the trading session, the stock hit a 52-week low of $2.64 per share.
In addition to the drop in share price, financial firms HC Wainwright & Co. and Cantor Fitzgerald have revised their price targets for Theseus Pharmaceuticals. HC Wainwright & Co. has lowered its price target to $9 per share from $22, while Cantor Fitzgerald has reduced its price target to $7 per share from $23.
These developments reflect the current challenges faced by Theseus Pharmaceuticals in their pursuit of effective treatments for cancer patients.