Juno Therapeutics Inc (NASDAQ:JUNO) and Kite Pharma (NASDAQ:KITE) Stocks Pops On FDA News
Juno Therapeutics Inc (NASDAQ:JUNO) and Kite Pharma (NASDAQ:KITE) stocks are popping in after hours after the FDA has removed a clinical hold.
After hours on July 7th Juno Therapeutics Inc (NASDAQ:JUNO) stock collapsed on news that two patients died during Phase II clinical trial of JCAR01. The FDA placed a clinical hold on the entire trial and the worst case scenario was at least tangible, though unlikely -- a total end to JUNO's CAR-T trial for adult leukemia patients.
But news after the close just broke that the FDA has removed the clinical hold from Juno Therapeutics and it will restart, just a week after the initial news broke. Juno Therapeutics Inc (NASDAQ:JUNO) stock is printing much higher in the after-hours trade, hitting $35.80 as of this writing, up from the closing price of $27.79.
We have highlighted the after-hours price for JUNO in yellow.
Under the revised protocol, the trial will continue enrollment using JCAR015 with cyclophosphamide pre-conditioning only.
We do note that Juno Therapeutics Inc (NASDAQ:JUNO) stock closed at $40.82 on July 7th, the last price before the FDA placed a clinical hold on the trial. Kite Pharma Inc (NASDAQ:KITE), the other hotly watched CAR-T oncology biotech stock fell with the initial news from JUNO on July 7th from $52.10 to a close today of $46.96. Now that Juno Therapeutics Inc has received the green light to restart the trial, Kite Pharma (NASDAQ:KITE) stock is also popping after hours to $52.49.
We have highlighted the after-hours price for Kite Pharma Inc (NASDAQ:KITE) in yellow.
For now, the scare that CAR-T was doomed to fail seems to have lifted, and JUNO and KITE are back to business as normal. Such is the world of (essentially) zero revenue biotechnology stocks in the field of oncology.
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