By Connor Hart
Shares of Perspective Therapeutics are down after results from a study of the company's treatment for melanoma showed lower doses were more effective, and higher-than-expected levels of radiation were found in patients' kidneys, according to biotechnology analysts.
The stock fell 12%, to $11.71, in early-afternoon trading Friday. Shares have nearly tripled since the beginning of the year.
The Seattle medical-technology and radiopharmaceutical company on Friday said the safety monitoring committee reviewed data from its study and recommended the company explore a lower dose level of the treatment, called VMT01.
"People are always concerned when more of a drug doesn't work better," said Jeff Jones, a biotechnology analyst at Oppenheimer.
Results from the study additionally found that higher-than-expected levels of radiation ended up in patients' kidneys.
Jones said that some radiation exposure in the kidneys is always expected for these types of treatments, given that these drugs are cleared through the organ. "What was surprising was the magnitude of the kidney exposure versus the tumor," he said.
"The initial reaction here is a bit of a surprise," said David Nierengarten, a biotechnology analyst at Wedbush. "Why is a higher dose seemingly less effective, and also why are there more-than-expected amounts of radiation concentrated in the kidney?"
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
October 11, 2024 12:58 ET (16:58 GMT)
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