Why Is CANF Stock Surging Today?

• The company enrolled 20 patients with advanced pancreatic ductal adenocarcinoma for the Namodenoson study.
• It noted that the median survival exceeded five months among the eight evaluable patients receiving the treatment as their third option.
• Can-Fite now plans to initiate a Phase 2b study combining the treatment with chemotherapy.   

Shares of Can-Fite BioPharma (CANF) surged on Wednesday after the company announced positive early-stage study results for its treatment targeting pancreatic tumors.

At the time of writing, CANF shares were up more than 50%, reaching their highest level in nearly three months.

Can-Fite’s Study Results

The company enrolled 20 patients with advanced pancreatic ductal adenocarcinoma, a type of hard-to-treat cancer that begins in the digestive tract of the pancreas and is not noticeable during the early stages.

In its Phase IIa study evaluating Namodenoson, 14 patients received the therapy as their third-line treatment, five as their second-line treatment, and one as their fourth-line treatment. Can-Fite said Namodenoson met the study's main safety goal and demonstrated durable overall survival. It was also well tolerated and displayed a safety profile consistent with prior trials.

Next Steps For Can-Fite

Among other things, the company noted that the median survival exceeded five months among the eight evaluable patients receiving the treatment as their third option and, as a result, plans to initiate a Phase 2b study combining the treatment with chemotherapy.  

“Pancreatic cancer remains one of the most difficult malignancies to treat, particularly after failure of standard therapies,” said Prof. Salomon Stemmer, who is spearheading the company’s study. “The results of Namodenoson monotherapy are impressive, and the favorable safety profile together with the prolonged survival observed in a subgroup of patients suggest biological activity worthy of further investigation.”

What Retail Traders Think About CANF

On Stocktwits, retail sentiment toward the stock turned ‘extremely bullish’ from ‘bullish over the last 24 hours.

CANF shares have fallen roughly 26% so far this year and about 86% over the past 12 months, underperforming the benchmark S&P index

For updates and corrections, email newsroom[at]stocktwits[dot]com