Lantheus and Point Biopharma shares drop on prostate cancer treatment data

Shares of Lantheus Holdings Inc. (LNTH) and Point Biopharma Global Inc. (PNT) fell sharply premarket on Monday after the companies released new data from a trial of their experimental treatment for prostate cancer. The therapy, Lu-PNT2002, met the trial's primary goal, with a median progression-free survival of 9.5 months, compared with six months for patients on an alternative treatment, an androgen receptor pathway inhibitor, the companies said in a release. Investors were eager to see how the treatment would stack up against Novartis AG's (NVS) Pluvicto, which like Lu-PNT2002 is a radioligand therapy, a type of therapy that delivers radiation to targeted cancer cells while minimizing effects on healthy cells. Novartis data released in October showed Pluvicto produced median progression-free survival of 12 months, versus 5.6 months for patients on androgen receptor pathway inhibitors. Lantheus stock fell 20% premarket on Monday and is up 49% in the year to date, while Point Biopharma shares fell 10.9% premarket and have gained 92% so far this year. Novartis American depositary receipts gained 1.2% premarket Monday.

-Eleanor Laise

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12-18-23 0854ET

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