Roche (ROG) stock soared on Tuesday after the Swiss drugmaker revealed interim data from its lidERA Breast Cancer Phase III clinical trial. This trial is evaluating giredestrant as an adjuvant endocrine treatment for patients with oestrogen receptor (ER)-positive, human epidermal growth factor receptor 2 (HER2)-negative, early-stage breast cancer.
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The big news here is that the clinical trial has already met its primary endpoint of a statistically significant and clinically meaningful improvement in invasive disease-free survival with giredestrant versus standard-of-care endocrine therapy. This makes it the first selective oestrogen receptor degrader (SERD) to achieve such results under those conditions. It’s also a positive for the company as ER-positive breast cancer makes up roughly 70% of breast cancer cases.
Levi Garraway, MD, PhD, Roche’s Chief Medical Officer and Head of Global Product Development, said, “Today’s results underscore the potential of giredestrant as a new endocrine therapy of choice for people with early-stage breast cancer, where there is a chance for cure. These findings – together with recent data in the advanced ER-positive setting – suggest that giredestrant has the potential to improve outcomes for many people with this disease.”
Roche Stock Movement Today
Roche stock was up 7.35% on Tuesday, extending a 24.29% rally year-to-date. The stock has also increased 14.65% over the past 12 months.
Roche’s clinical trial data also affected its drugmaker peers. This saw Olema Pharmaceuticals (OLMA) stock rocket higher, as it has a similar treatment in development.
Is Roche Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Roche is Hold, based on five Buy, three Hold, and four Sell ratings over the past three months. With that comes an average ROG stock price target of CHF279, representing a potential 9.56% downside for the shares.
