Why Is Gilead Sciences Stock Sliding Tuesday?

Gilead Sciences Inc GILD shares are trading lower Tuesday after the company reported results from its Phase 2 non-small cell lung cancer study.

What Happened: Gilead reported results from the fourth interim analysis of the ARC-7 study in patients with first-line, metastatic non-small cell lung cancer.

ARC-7 is a Phase 2 study evaluating the combinations of Fc-silent anti-TIGIT monoclonal antibody domvanalimab plus anti-PD1 monoclonal antibody zimberelimab and domvanalimab plus zimberelimab and etrumadenant, an A2a/b adenosine receptor antagonist, versus zimberelimab monotherapy. 

Both combinations demonstrated clinically meaningful improvements in median progression-free survival compared to zimberelimab monotherapy. The double combination showed a 45% reduction in risk of disease progression, while the triplet combination showed a 35% reduction. 

Related Link: Gilead-Arcus Partnered Domvanalimab Combo Study Show Improved Progression-Free Survival In Lung Cancer Patients

What Else: Gilead subsidiary Kite signed an agreement to acquire clinical-stage private biotech company Tmunity Therapeutics. Tmunity is focused on next-generation CAR T-therapies and technologies.

"Together, we bring a deep understanding of cell therapy as an effective platform, and combined with Kite's industry-leading global scale, we collectively have a singular focus: to use cell therapy to develop potential cures, and to get them to patients as quickly as possible," said Christi Shaw, CEO of Kite. 

GILD Price Action: Gilead shares are down 3.68% at $83.23 at the time of writing, according to Benzinga Pro.

Photo: Tony Webster from Flickr.