What happened
Shares of Compugen (CGEN -0.80%) were rising 4% as of 11:05 a.m. EDT on Thursday. This marked the second consecutive day of solid gains for the stock. The drugmaker's shares jumped on Wednesday after Compugen provided its second-quarter update.
There wasn't any news today, though. The uptick this morning appears to be a continuation of momentum from yesterday.
So what
Most investors don't care all that much about the financial results in a clinical-stage biotech's quarterly update. Instead, they focus on what's going on with the pipeline.
Image source: Getty Images.
Compugen recently initiated patient dosing in three early stage studies evaluating experimental drug COM701. One of those studies features experimental drug COM701 in combination with Bristol Myers Squibb's immunotherapy Opdivo in treating multiple types of cancer. Another includes COM701 with another of Compugen's pipeline candidates, anti-TIGIT therapy COM902. The third study is evaluating a triple combination including COM701, Opdivo, and BMS' experimental anti-TIGIT antibody BMS-986207.
Now what
The biotech stock could have other catalysts on the way this year. Compugen noted in its Q2 update that it has a "milestone rich 2021" with initial results expected in the fourth quarter from its triple-combination study and a study evaluating COM902 as a monotherapy.
