The Prescient (ASX:PTX) share price rocketed 10% higher today. Here's why

The Prescient Therapeutics share price reached a new multi-year high today.

Man with a rocket strapped to his back on a tiny bicycle ready to take off.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Shares in Prescient Therapeutics Ltd (ASX: PTX) have surged to fresh heights today on the back of news its cancer treatment drug, OmniCAR, has been substantially de-risked.

After reaching a multi-year high of 26.5 cents this morning, the Prescient share price has retreated slightly and is currently trading at 25 cents apiece, up 8.7%.

Today, Prescient announced positive results from in silico immunogenicity testing of SpyTag and SpyCatcher, OmniCAR's key binding components.  

Let's take a look at today's news from the cancer treatment development company.

Positive immunogenicity results

According to Prescient's release, the results have de-risked the entire OmniCAR platform.

The in silico tests found SpyTag and SpyCatcher don't inspire a negative response from human antibodies – meaning, the human body won't attack the treatment itself.

In silico tests are done on a computer using algorithms. In this case, the tests mimicked the human body's response to introduced medication.

OmniCAR combines controllable CAR T-cell therapy and multi-antigen targeting. According to Prescient, high levels of immunogenicity – a negative response from antibodies – can negatively impact CAR-T cell expansion and persistence, which can affect the safety and clinical response of the treatment.

OmniCAR is currently being developed to treat acute myeloid leukemia, Her2+ solid tumours (including breast, ovarian and gastric cancers), and the most common form of brain cancer, glioblastoma.

Today's development follows the successful completion of manufacturing and delivery of critical components of the OmniCAR platform.

Commentary from management

Prescient CEO and managing director Steven Yatomi-Clarke commented on the results, saying:

The immunogenicity results could not have been better. In short, it gives us confidence that if these therapies are ultimately delivered to patients, that their immune systems will not impair the therapy itself.

This is essential not only for Prescient's three in-house OmniCAR programs, but also for potential external collaborators, who consider immunogenicity very stringently.

Prescient share price snapshot

2021 has been a ripper year so far for the Prescient share price.

Currently, it's 264% higher than it was at the beginning of the year. It has also gained 325% since this time last year.

The company has a market capitalisation of around $117 million, with approximately 641 million outstanding shares.

Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Healthcare Shares

Male doctor in a lab coat working at laptop looking serious.
Healthcare Shares

This bombshell for ASX healthcare shares could hit 6 million Australians

This could have a large impact.

Read more »

Two scientists in a Rhythm Biosciences lab cheer while looking at results on a computer.
Healthcare Shares

2 ASX healthcare shares having a stellar run today

The ASX healthcare sector is down today but these two stocks are bucking the trend.

Read more »

A company manager presents the ASX company earnings report to shareholders at an AGM.
Healthcare Shares

Why this $13 billion ASX 200 healthcare stock is surging today

A change in sentiment for the healthcare player.

Read more »

Shot of a scientist using a computer while conducting research in a laboratory.
Healthcare Shares

This ASX 200 stock hit a 52-week low and a top broker thinks it can rebound

Patient investors may see this stock make a pleasing recovery.

Read more »

A couple smile as they look at a pregnancy test.
Healthcare Shares

Why this sold-off ASX healthcare share could be an exciting dividend buy

This could be a healthy stock for dividends.

Read more »

a smiling woman sits at her computer at home with a coffee alongside her, as if pleased with her investments.
Healthcare Shares

Is CSL the best ASX 100 share to buy now?

Bell Potter has good things to say about this blue chip star.

Read more »

Scientists in a laboratory look at a computer screen with anticipation on their faces representing a potential change in the performance of ASX biotech shares in FY23
Healthcare Shares

Down 10% in a month, are CSL shares feeling the sting of a potential disruption?

Brokers are still bullish.

Read more »

One girl leapfrogs over her friend's back.
Healthcare Shares

Doubled in a year! Does this booming ASX share have another 24% upside?

Let's take a look.

Read more »