Why Gilead Sciences Stock Got Mashed on Monday
Pharmaceutical sector mainstay Gilead Sciences (NASDAQ: GILD) has had many good days on the stock exchange, but Monday wasn't one of them. On the back of dispiriting clinical trial results for one of its investigational medications, investors sent the company's share price down by more than 10%. And that was on a day when the bellwether S&P 500 index ended in positive territory, rising almost 0.3%.
That trial was a late-stage one for Trodelvy, an approved cancer medication. Gilead was hoping to expand its Food and Drug Administration (FDA) approval to cover patients with advanced or metastatic non-small cell lung cancer (NSCLC) that had progressed following the administration of platinum-based chemotherapy and checkpoint inhibitor therapy.
Unfortunately, in the phase 3 study, Trodelvy did not meet its primary endpoint of overall survival (OS) for the drug's recipients.
Source Fool.com
