CTI falls on detailed pacritinib data

CTI BioPharma Corp. (NASDAQ:CTIC) shed $0.63 (24%) to $1.97 on Friday as investors reviewed detailed Phase III data for pacritinib to treat myelofibrosis (MF) and concluded the results were not as consistent with Phase II data as the company had suggested on Monday and not as good as data for Jakafi ruxolitinib from Incyte Corp. (NASDAQ:INCY).

The company started this week with news that the PERSIST-1 trial met its primary endpoint measured by the proportion of patients achieving a 35% or greater reduction in spleen volume from baseline to week 24. The company didn't release specifics, but CEO James Bianco said on a conference call that "the magnitude of the treatment effect was consistent with previously reported Phase II results." ...