Stanford Mail

Wild Ride Continues for This Biotech Stock

Shares of Greenwich Lifesciences (GLSI) continued their wild ride Thursday on enthusiasm for the tiny biotech company's breast cancer treatment. In a midstage study, 100% of patients were still alive at a median of five years after receiving Greenwich's drug, GP2. Five years is considered the gold standard in follow-up time period for recurrence in breast cancer patients. The biotech company administered GP2 after patients underwent surgery and then received Roche's breast cancer treatment, Herceptin. Greenwich is now preparing to begin a Phase 3 study in a similar group of patients in 2021.

On Wednesday, Greenwich stock catapulted 998% to 57.10. In premarket trading on the stock market today, shares of the biotech company continued their surge, rising 43.6% near 82. Before its volatile ride Wednesday, the biotech company traded around 5.

Recurrent breast cancer affects one in eight women, Greenwich Chief Executive Snehal Patel said in a written statement. Roughly half of these women don't respond to standard drugs called Herceptin or Kadcyla. This results in breast cancer that spreads and a poor prognosis. "Approximately 80%-85% of metastatic breast cancer patients do not survive," he said. "By addressing this unmet need, GP2 may reach a potential market exceeding $5 billion."

Greenwich stock is fairly new to Wall Street. The biotech company filed its initial public offering and began trading in September. Wednesday's news sent shares to their highest-ever point. Greenwich stock appeared poised to hit another record Thursday.