Juno Therapeutics Stock Declines 4% After Decision To Not Move Forward With Cancer Drug

Juno Therapeutics Inc. stock declined as much as 4% after the bell on Wednesday after the company said it won't be moving forward with its JCAR015 drug, which is intended for relapsed or refractory acute lymphoblastic leukemia, saying it recognizes the "unfortunate and unexpected toxicity" of the drug. The company also reported fourth-quarter earnings. Several patients died during clinical trials last year in the summer and then the fall. The company initially attributed the deaths to the chemotherapy drug used with JCAR015, which it removed from the trial, but then two additional patients died, the company said in late November. The company said its investigation found that certain patient, product and other characteristics may have added to the trial's risk. Changes could allow the trial to proceed, Juno said, but it would require another phase 1 trial. As such, Juno said it, along with partner Celgene Corp. , made the "strategic decision" to focus resources on another drug in this disease area, with a trial planned for next year. Juno shares have increased 27.2% over the last three months, compared with a 9.4% rise in the S&P 500 .