Last Friday the clinical stage biotech company Checkmate Pharmaceuticals (NASDAQ:CMPI) saw its stock trading within a range. However, at the same time, it should be noted that stocks trading within a range can also break out strongly and hence, it could be a good move to keep an eye on the Checkmate stock nonetheless.
On Friday, CMPI stock fell 1.16% at $4.25 with more than 19k shares, compared to its average volume of 34k shares. The stock has moved within a range of $4.1700 – 4.3666 after opening trade $4.25.
Presents Final Clinical Data for Phase 1b Study Evaluating Vidutolimod
The company, which is involved in the development of technology that can strengthen the immune system so as to fight cancer, made a presentation of the date from the Phase 1b study of its product CMP 001 001 at a key industry event last week.
The event in question was The Society for Immunotherapy of Cancer (SITC) 36th Annual Meeting that was held from November 10 to November 14.
The presentation of data at a key industry event is almost always a good thing for a company and its product. Hence, it can be said that the development on Friday was an important one. That being said, it is also necessary to remember that the development did not lead to any boost for the Checkmate stock. It now remains to be seen if there is any change in the trajectory of the stock this week.
“Our ongoing investigation of vidutolimod indicates promising clinical activity for patients with PD-1 blockade-refractory melanoma,” said Alan Fuhrman, interim President and Chief Executive Officer of Checkmate. Mr. Fuhrman added, “The RECIST response rates of 20% with vidutolimod monotherapy and 23.5% in combination with pembrolizumab are compelling, and the longer duration of response of 25.2 months in combination with PD-1 blockade provides a strong rationale for our ongoing development program.”
CMPI stock is trading below the 50-Day and 200-Day Moving averages of $4.33 and $7.45. However, the stock is trading above the 200-Day moving average of $4.17. The stock is up 4% over the past month.