Why Is Penny Stock Apollomics Trading Higher On Tuesday?

On Tuesday, Apollomics Inc.‘s APLM stock surged as the company announced preliminary clinical data for the cohort of patients with non-CNS MET fusion solid tumors from the Phase 2 SPARTA trial of vebreltinib.

The SPARTA trial is evaluating the efficacy and safety of vebreltinib in a range of MET-altered tumors.

As of the data analysis cutoff date of July 31, 14 patients with non-CNS MET fusion solid tumors were included in the study.

An objective response rate (ORR) of 43% was observed, including six confirmed responses, out of 14 evaluable patients including one complete response in third-line metastatic NSCLC and five partial responses (three patients with NSCLC, one patient in pancreatic cancer, and one patient with intrahepatic bile duct cancer).

Median overall survival (OS) was 12.4 months, and median progression-free survival was 4.5 months.

The median duration of response is 5.6 months, with a median time to response of 3.7 months. The longest recorded response is 18 months, with the patient still undergoing treatment.

Based on these new data, Apollomics is evaluating opportunities for further development of vebreltinib in patients with MET fusions.

Patients currently enrolled in the SPARTA MET fusion cohort will continue with treatment and study follow-up.

In November 2023, Apollomics’ partner in China, Avistone Biotechnology Co. Ltd., received conditional approval from the National Medical Products Administration (NMPA) of China for the commercialization of vebreltinib to treat patients with MET exon 14 skipping non-small cell lung cancer (NSCLC).

Price Action: APLM stock is up 15.6% at $0.18 at last check Tuesday.

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Image created using artificial intelligence via Midjourney.