Kitov Pharmaceuticals Holdings Ltd (ADR) (NASDAQ:KTOV)
Kitov Pharmaceuticals Holdings Ltd (ADR) (NASDAQ:KTOV) shares hit their 52-week low of $1.27 during July 11’s trading session but rebounded to close at $1.90 by Friday’s close. Despite the impressive bounce off their lows, KTOV shares are still down over 38% YTD and down over 36% for the year. Friday’s action saw KTOV shares hit a high of $2.42 before sellers stepped in. Volumes were over 13 times normal.
Kitov Pharmaceuticals Holdings Ltd (ADR) (NASDAQ:KTOV), based in Tel Aviv, Israel, develops non-steroidal, anti-inflammatory drugs that treat osteoarthritis pain without causing cardiovascular problems. It is developing KIT-301 and KIT-302 drugs for the treatment of osteoarthritis. Kitov was formerly known as Mainrom Line Logistics Ltd. and changed its name in August 2013.
On June 18, 2017, Kitov Pharmaceuticals Holdings Ltd (ADR) (NASDAQ:KTOV) announced that a pre-clinical study demonstrated that NT-219, the lead drug candidate of Kitov subsidiary TyrNovo Ltd., in combination with Keytruda®, converted non-responding tumors to responders. The study results also showed the blocking of tumor progression in an immune-oncology preclinical model.
The study, conducted in collaboration with researchers at Bar Ilan University and Rabin Medical Center, assessed NT-219’s ability to overcome cancer drug resistance in a patient-derived xenograft (PDX) model of immune-deficient mice. In this study, a tumor from an esophagus cancer biopsy was implanted into the mice. The tumors aggressively progressed. The mice were then injected with immune cells from the same patient (double autologous). While no response was observed with Keytruda® alone or with NT-219 alone, mice treated concomitantly with a combination of Keytruda® and NT-219 demonstrated complete blockage of tumor progression.
Dr. J. Paul Waymack, Chairman of Kitov’s Board and Chief Medical Officer. “Previous results obtained with NT-219 demonstrated its efficacy in overcoming drug resistance in a variety of cancers and in combination with various pharmacologic cancer therapies. We are focused on advancing this highly promising therapeutic candidate to clinical trials as quickly as possible in order to provide enhanced treatment options to cancer patients.”
Kitov Pharmaceuticals Holdings Ltd (ADR) (NASDAQ:KTOV) shares began trading on the NASDAQ in 2016. By mid-year they had hit their all-time high near $7 but have been on a slide since.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years