By Sam Boughedda
Investing.com — Deciphera Pharmaceuticals LLC (NASDAQ:DCPH) stock plunged Friday after the company announced results from its Phase 3 trial of QINLOCK in patients with gastrointestinal stromal tumor (GIST) previously treated with imatinib.
The study failed to meet its primary endpoint of improved progression-free survival compared with the standard of care, which is Pfizer's) sunitinib.
Deciphera stock is down 74.92% at $9.03.
“While we are disappointed with these results, which we learned yesterday, we believe this was a robust, well-designed, and well-executed study," said Steve Hoerter, president and CEO of Deciphera.
The full results from the study are to be presented at an upcoming medical meeting.
The study included 453 patients who were randomized 1:1 to either QINLOCK 150 mg once daily or sunitinib 50 mg once daily for 4 weeks, followed by two weeks without sunitinib.
Hoerter noted that "QINLOCK remains the standard of care and only approved therapy in patients with fourth-line GIST."
Analysts at Truist, Guggenheim and Piper Sandler downgraded the stock after the announcement. H.C. Wainwright said Deciphera's setback has created an opening for Cogent Biosciences Inc (NASDAQ:COGT).
Trust downgraded Deciphera to hold from buy, setting a $10 price target, Guggenheim downgraded the stock to neutral from buy, removing the price target, and Piper Sandler downgraded the stock to neutral from overweight, putting a price target of $14 on the shares.
H.C. Wainwright upped Cogent Biosciences' share price target to $31 from $25.