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Biotech / Medical : biotech firesales

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From: tuck	5/16/2018 8:39:49 PM
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Jounce (JNCE) the main ASCO loser, off 25% after hours on underwhelming response data in small (17 evaluable patients so far) P1/2 trial in gastric and TN breast cancers (cohorts in which they saw activity at all; there were also a few H&N & NSCLC patients that didn't respond, apparently). The PD-1 combo did only slightly better on efficacy than monotherapy, and combo results muddied some by changes to higher ICOS expression during treatment. As PGS pointed out on Twitter, ICOS high at baseline should also help PD-1 therapy do better, making it hard to tell if JTX-2011 was contributing there. Perhaps they will have more specific details that address that issues when they present. One can hope things have improved a bit since the abstract was submitted. We find out on 6/2. I had small position with decent cost basis, but I will be hurt some by this if the after hours prices hold, which they likely will. Not sure what I'll do with my position, as I don't see a near term play here, maybe dead money for while at best. JTX-2011 ASCO abstract Cheers, Tuck

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