Affimed stock plunges 23% on AFM24 study update

Shares of Affimed (NASDAQ:AFMD) plunged 23% in early trading Tuesday after the company reported updated data from a clinical trial of AFM24 in combination with atezolizumab in the treatment of non-small cell lung cancer, or NSCLC.

In heavily pretreated patients with EGFR wild-type NSCLC, the study showed an overall response rate, or ORR, of 21%, with preliminary median progression-free survival, or PFS, of 5.6 months and tumor shrinkage observed in 48% of patients.

For heavily pretreated patients with EGFR mutant NSCLC, the study showed an ORR of 24%, with median PFS of 5.6 months and tumor shrinkage observed in 41% of patients, according to a statement.

Affimed (NASDAQ:AFMD) added that a post-hoc exposure-response analysis in patients treated with 480 mg AFM24 showed higher AFM24 exposure was associated with significantly better response rates, improved PFS and overall survival. Based on the analysis, the future development program for the drug will use a dose of 720 mg weekly.