Lantern Pharma Inc. (LTRN) shares are down approximately 10% in Friday morning trading, following the announcement that the U.S. Food and Drug Administration has approved the Investigational New Drug application for STAR-001. The stock is currently priced at $1.88, a decline from the previous close of $2.09, marking a notable drop in a company that has seen its shares fluctuate between $1.82 and $5.74 over the past year.
This FDA clearance is significant as it paves the way for a Phase 1 pediatric clinical trial evaluating STAR-001, both as a standalone treatment and in combination with spironolactone, for pediatric patients with relapsed or refractory central nervous system malignancies. Such developments can impact investor sentiment and stock performance, particularly in the biotech sector, where clinical trial outcomes heavily influence valuations.
Market professionals should monitor LTRN’s progress through the trial phases, as successful results could reverse the current downward trend and provide upside potential for the stock.
Source: nasdaq.com