The company shared new data on PORT-7, a selective A2B receptor inhibitor, showing significant tumor growth inhibition in a mesothelioma model.
Shares of Portage Biotech Inc. more than doubled in after-hours trading on Thursday as the company reported promising preclinical data on its tumor growth inhibitor, driving retail sentiment on Stocktwits to its highest level.
After the closing bell, Portage shared new preclinical data on PORT-7, a selective A2B receptor inhibitor, showing significant tumor growth inhibition in a mesothelioma model.
When combined with an anti-PD1 antibody, the company said PORT-7 reduced tumor growth by over 90%, with evidence of strong immune cell infiltration.
The company is preparing for a first-in-human trial of PORT-7 while advancing dose escalation for PORT-6, an A2A receptor inhibitor.
Portage plans to combine both drugs in the ADPORT-601 trial to block adenosine-driven immune suppression and enhance immunotherapy effectiveness in solid tumors.
The news sent Portage’s retail sentiment on Stocktwits soaring to its highest level (100/100), a record high, accompanied by a spike in message volume.
“Everything about this is SCREAMING a day two move incoming,” said one user, who expects a further breakout from current levels.
Another called Thursday’s surge “a helluva move.”
“To our knowledge, this is the first report of antitumor activity against mesothelioma using a selective A2B receptor inhibitor,” the company said in a statement.
According to Portage, mesothelioma is an aggressive cancer with limited treatment options in need of novel approaches to overcome immune resistance.
If after-market gains carry forward into Friday’s session, Portage shares will hit intraday highs last seen in mid-December.
Portage stock has lost more than 7% this year.
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