Harpoon Therapeutics, Inc. (NASDAQ: HARP) is engaged as a clinical-stage immune-oncology company, which is focused on the research and development of a novel treatment that utilizes T-cell engagers to help direct a patient’s immune system to attack cancer cells. Shares of the immune-oncology company are skyrocketing 128% through early trading on Monday, December 12, 2022. Over the past three months, Harpoon Therapeutics has seen average daily volume of 196,480 shares. However, volume of 60 million shares or dollar volume of around $160.2 million, has already exchanged hands through early trading.

Shares of Harpoon Therapeutics are soaring after the company reported updated interim results from its Phase 1 clinical trial of HPN217 in the treatment of relapsed or refractory multiple myeloma (RRMM) in a presentation at the 64^th American Society of Hematology (ASH) Annual Meeting and Exposition in New Orleans. HPN217 is designed to target B-cell maturation antigen (BCMA) and was developed using the company’s proprietary Tri-specific T-cell Activating Construct (TriTAC) platform.

During the Phase 1 trial, HPN217 underwent a wide dosing range from 2.15 mg to 24 mg. The study found that patients treated with higher doses of HPN217 (12 mg and 24 mg) were found to have a 77% objective response rate (ORR). The majority of responders demonstrated decreases in the serum BCMA biomarker by the second week of treatment.

In addition, 86% of responders undergoing treatment from HPN217 were found to have achieved a sustained response for over a year. Three patients in the study were evaluated for minimal residual disease (MRD) and all three tested negative for MRD.

Harpoon Therapeutics says the interim data supports their continuing clinical development of HPN217. The company says it will continue dose optimization with ongoing patient enrollment in the Phase 1 trial, which is estimated to be completed during the first half of 2023.

“The encouraging initial clinical activity with deepening and durable responses observed in patients who have received multiple prior lines of therapy, combined with a generally well-tolerated safety profile, suggest the investigational T cell engager HPN217 may offer meaningful clinical benefits for patients with relapsed/refractory multiple myeloma,” said Al-Ola A. Abdallah, M.D., of University of Kansas Medical Center, a Principal Investigator in this study. “I look forward to continuing to study this promising drug candidate in these patients with advanced disease for whom there remains a significant unmet need for new treatment options.”

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