Epizyme’s shares fall after receiving new FDA approval for cancer drug

Epizyme’s shares fall after receiving new FDA approval for cancer drug
Published: June 19, 2020 at 10:02 a.m. ET Shares of Epizyme Inc. epzm were down 2.3% in premarket trading on Friday, the day after it said the Food and Drug Administration had approved Tazverik as a treatment for relapsed or refractory follicular lymphoma. Tazverik was first approved by the FDA in January, to treat epithelioid…

Shares of Epizyme Inc.
epzm
were down 2.3% in premarket trading on Friday, the day after it said the Food and Drug Administration had approved Tazverik as a treatment for relapsed or refractory follicular lymphoma. Tazverik was first approved by the FDA in January, to treat epithelioid sarcoma. “In our view, there remains no clear standard of care in the relapsed and/or refractory FL population as not all patients benefit from today’s available therapies,” Dr. Shefali Agarwal, Epizyme’s chief medical officer of Epizyme, said in a news release. The monthly list price is $15,500 for all approved indications, a spokesperson for the company said in an email. However, the labels for the two new indications are narrower than some analysts had expected. “We believe this label may disappoint some investors who had expected a broad, biomarker agnostic label in the 3L setting,” SVB Leerink’s Andrew Berens wrote in a note. Other analysts see a rosier future for the drug, with Wedbush analysts saying “we believe meaningful adoption will occur without the genetic test based on the drug’s competitive clinical profile.” Epizyme’s stock has declined 16.8% since the start of the year. The S&P 500
spx
is down 3.5.%.

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