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Oncolytics Biotech Inc. (ONCY) stock Rises today: Why is it so?

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Shares of Oncolytics Biotech Inc. (ONCY) were down today amid the announcement of the preclinical data on Pelareorep-based combination therapies at the annual meeting held in the American Association for Cancer Research(AACR). ONCY stock price saw a downtrend of 5.71% to drop at $3.78 a share at the time of this writing. ONCY stock was red in the last trading session and was down by 13.58% at closing. Let’s deep dive to explore more of it.

What’s happening?

The data presented by ONCY stock in the AACR annual meeting represents the ability of the pelareorep to synergize with multiple anti-cancer agents. poly (ADP)-ribose polymerase 1 (PARP-1) inhibitor talazoparib and the Cyclin-dependent kinase (CDK) 4/6 inhibitor Palbociclib showed the top results, and both of these were approved by the U.S.A Food and Drug Administration for the cure of breast cancer.

The data of the study of AWARE-1 window-of-opportunity breast cancer met the trials primary endpoint according to the representation given by ONCY at the meeting. The data is represented in the electronic poster at AARC which include twenty HR+/HER2- early-stage breast cancer patients in AWARE-1’s first two cohorts. The treatment was done through pelareorep and letrozole without cohort 1 or with cohort 2 before the surgery. The main purpose of AWARE-1 is to evaluate the cohort 1 and cohort 2.

The CEO of Oncolytics Biotech said that the current data of the clinical and preclinical study support pelareorep that has much high potential to increase the effectiveness of various immunotherapies as well as wide range of immunotherapeutic agents.

Aleix Prat, Translational Principal Investigator of AWARE-1, said that the AWARE-1 data confirms the fact that the pelareorep interact with the checkpoint inhibitors in order to train the immune system in battle against cancer.

About ONCY stock:

Oncolytics Biotech Inc. (ONCY) is a biopharmaceutical company focused on the discovery and development of pharmaceutical products to treat cancer in patients. Pelareorep is the lead product of Oncology which is used to treat solid tumors and hematological malignancies. ONCY founded in 1998 and its headquarters is in Calgary, Canada.

Conclusion:

Things are gloomy for ONCY stock as far as market sentiment is concerned. ONCY stock happened to be green at one point today but then again became red. Hence individuals eyeing Oncology stock need to do a lot of research before taking any decision.

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