Portage Biotech Stock Surges On New Preclinical Data In Mesothelioma Trial: Retail Gets More Bullish

Portage Biotech Inc.'s (PRTG) shares soared over 27% on Monday, marking their best session in more than three weeks, after the company announced new preclinical data from its mesothelioma trial.

The fresh evidence confirmed the efficacy of PORT-7, Portage's selective adenosine A2B receptor inhibitor, in a murine mesothelioma model.

The company said PORT-7 demonstrated single-agent activity that outperformed treatment with an anti-PD1 antibody. 

Additionally, combining PORT-7 with anti-PD1 therapy resulted in superior outcomes compared to either treatment alone.

Tumor analysis showed the formation of tertiary lymphoid structures and increased immune effector cells, suggesting a robust immune response with the combination therapy. 

On Stocktwits, the news triggered a staggering 30,700% jump in 24-hour message volume about PRTG, with sentiment turning even more 'extremely bullish' by late Monday.

One optimistic watcher believes the stock can nearly double to $20.

Another said the stock was "trying to push through the 200 EMA on the minute chart" and "should fly" if it succeeds.

Last month, Portage stock received a boost after preclinical data showed that PORT-7 combined with an anti-PD1 antibody reduced tumor growth by over 90%.

Portage is preparing to launch a first-in-human clinical trial for PORT-7 and is simultaneously advancing dose escalation for PORT-6, a selective A2A receptor inhibitor. 

The company plans to co-administer PORT-6 and PORT-7 as part of the ongoing ADPORT-601 trial.

According to Portage, mesothelioma is an aggressive cancer with limited treatment options in need of novel approaches to overcome immune resistance.

Portage stock has more than doubled so far this year.

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