Shares of Poseida Therapeutics (NASDAQ:PSTX) were jumping 21.2% higher as of 12:08 p.m. EST on Wednesday. The big gain came with the company providing a pipeline update at its virtual R&D Day today.
Poseida said that its virtual R&D Day will include a presentation of a case study for one patient receiving P-PSMA-101. It's an experimental chimeric antigen T cell receptor (CAR-T) therapy that's currently being evaluated in a phase 1 study targeting prostate cancer. The patient in the case study to be discussed experienced a decrease in prostate-specific antigen levels of more than 50% three weeks after receiving P-PSMA-101.
The company plans to present updated preclinical data for two allogeneic CAR-T candidates, P-BCMA-ALLO1 and P-MIC1C-ALLO1. Allogeneic CAR-T therapies use other individuals' T cells and could be "off-the-shelf" treatments that are cheaper and quicker to use than current CAR-T therapies. In addition, Poseida's presentations include updates for several other preclinical programs and introduced a new potential pipeline candidate.
Clinical-stage biotech stocks rise and fall nearly entirely based on investors' views about their pipeline prospects. Poseida's updates today gave investors a good reason to be increasingly optimistic about its prospects.
Poseida expects to provide additional updates for several of its programs later this year. It also expects to file for U.S. approval to advance P-MUC1C-ALLO1 into clinical testing as a treatment for several types of solid tumors by the end of 2021.