Why Checkpoint Therapeutics Stock Is Heating Up Today

Shares of developmental-stage biopharma Checkpoint Therapeutics (NASDAQ: CKPT) rose by as much as 16% in pre-market action Tuesday morning. The biotech stock was heating up in response to a positive late-stage trial readout for cosibelimab, its experimental metastatic cutaneous squamous cell carcinoma therapy, along with two follow-on price target upgrades from H.C. Wainwright analyst Joseph Pantginis and Cantor Fitzgerald analyst Jennifer Kim.

In its pre-market press release, Checkpoint said that cosibelimab produced an impressive 47.4% confirmed objective response rate in its registration-enabling trial for metastatic cutaneous squamous cell carcinoma. What's key to understand is that the company's advanced skin cancer drug could be a best-in-class product if these data stand up to the scrutiny of a formal regulatory review.

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Source Fool.com