US Stock Market Move | The phase III trial of melanoma drug did not reach the primary endpoint, causing Regeneron Pharmaceuticals, Inc. (RENG.US) to drop more than 10% in early trading.

On Monday, Regeneron Pharmaceuticals, Inc. (RENG.US) plummeted by over 10% in early trading, hitting a new low for the year at $623.67. On the news front, Regeneron Pharmaceuticals, Inc. recently announced preliminary results of a Phase III clinical trial, in which their investigational drug fianlimab in combination with Libtayo as a first-line therapy for unresectable locally advanced or metastatic melanoma did not meet the primary endpoint. The trial included 1,546 patients and was a randomized, double-blind study. The results showed that the median progression-free survival in the high-dose United Therapeutics Corporation group was 11.5 months, while the control group using Merck & Co., Inc. Keytruda alone was 6.4 months. Although there was a numerical improvement of 5.1 months in median progression-free survival, the hazard ratio was 0.845 with a p-value of 0.0627, failing to reach statistical significance.