Here is why Marker Therapeutics Inc. (MRKR) stock rallied in the after-hours on Wednesday?

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Marker Therapeutics Inc. (MRKR) shares surged 13.15% in after-hours on Wednesday, January 19, 2022, and closed the daily trading at $0.95. However, in the regular trading session of Wednesday, MRKR’s stock lost 2.69%. The stock volume remained 0.89 million shares, which was higher than the average daily volume of 0.54 million shares within the past 50 days. MRKR shares have fallen 61.84% over the last 12 months, and they have moved down 0.96% in the past week. Over the past three months, the stock has lost 45.48%, while over the past six months, it has declined 64.42%.

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Let’s discuss its recent news and developments.

FDA Orphan Drug designation for MRKR MT-601

On January 19, 2022, the United States Food and Drug Administration (FDA) Office of Orphan Products Development granted Orphan Drug designation to MT-601, a multi-tumor-associated antigen (MultiTAA)-specific T cell product optimized for the treatment of patients with pancreatic cancer.

MRKR developed MT-601, a new product targeting six tumor-associated antigens (PRAME, NY-ESO-1, Survivin, MAGE-A4, SSX2, WT1) highly expressed in pancreatic cancer. Multicenter study of MT-601 is expected to commence in combination with front-line chemotherapy in patients with locally advanced unresectable or metastatic pancreatic cancer.

It is expected that Marker Therapeutics will file an Investigational New Drug Application (IND) for MT-601 for the treatment of pancreatic cancer in 2022.

MRKR new appointment

On December 9, 2021, Marker Therapeutics, Inc. (MRKR), appointed Katharine Knobil, M.D., to the Company’s Board of Directors. Dr. Knobil currently serves as Chief Medical Officer at Agilent Technologies, Inc. Before Agilent, she served as Chief Medical Officer and Head of Research and Development at Kaleido Biosciences, Inc.

MRKR data presentation at ASH

On Nov. 18, 2021, Marker Therapeutics, Inc. (MRKR) presented data from a Phase 1 study investigating its MultiTAA-specific at the 2021 American Society of Hematology (ASH) Annual Meeting, which was held virtually on December 11-14, 2021.

MRKR latest financial results

On November 10, 2021, Marker Therapeutics, Inc. (MRKR) reported financial results for the third quarter that ended September 30, 2021.

Q3 2021 financial highlights

  • Research and development expenses were $6.8 million for the quarter ended September 30, 2021, compared to $4.8 million for the quarter ended September 30, 2020.
  • General and administrative expenses were $3.2 million for the third quarter of 2021 compared to $2.6 million for the third quarter of 2020.
  • MRKR suffered a net loss of $12.4 million for the quarter ended September 30, 2021, compared to a net loss of $7.4 million for Q3 2020.
  • The company ended the third quarter with cash and cash equivalents of $48.7 million.

Conclusion

The recent Orphan Drug designation for MT-601 was the reason behind its gains in the after-hours on Wednesday and we can expect it to continue its performance on Thursday as well.