Sam Boughedda

Investing.com — Deciphera Pharmaceuticals LLC (NASDAQ 🙂 stock plunged Friday after the company announced results from its Phase 3 trial of QINLOCK in patients with gastrointestinal stromal tumor (GIST) previously treated with imatinib.

 The study failed to meet its primary endpoint of improved progression-free survival compared with the standard of care, which is Pfizer’s) sunitinib.

Deciphera shares are down 74.92% to $9.03. 

“While we are disappointed with these results, which we learned yesterday, we believe this was a robust, well-designed, and well-executed study,” said Steve Hoerter, president and CEO of Deciphera.

At a upcoming medical meeting, the full study results will be available.

Study participants included 453 patients, who were randomly allocated 1:1 to receive QINLOCK 150 mg or sunitinib50 mg daily for 4 week. After that they had two weeks with no sunitinib.

Hoerter pointed out that “QINLOCK” remains the best treatment for patients suffering from fourth-line GIST.

The stock was downgraded by analysts from Piper Sandler, Guggenheim, and Truist after the announcement. H.C. Wainwright stated that Deciphera’s setback created an opportunity for Cogent Biosciences Inc. (NASDAQ:).

Trust downgraded Deciphera as a hold stock, setting a target price of $10. Guggenheim downgraded Deciphera as a buy stock, taking the target price. Piper Sandler downgraded Deciphera as a neutral stock, from overweight. This set a target price of $14. 

H.C. Wainwright increased the target price for Cogent Biosciences from $25 to $31