Why Is Perspective Therapeutics Stock Up Today?

Perspective Therapeutics stock is up today after the company signed a clinical collaboration and supply agreement with Merck to test its alpha-particle therapy [212Pb]PSV359 together with Keytruda in FAP-α positive solid tumors. The agreement crossed MoveSurge's tape at 06:16:00 ET; the stock was 3.203% higher a minute later and 6.406% higher after ten minutes, and at 12:26 ET it traded at $2.88, up 2.31% on the session.

What the Merck agreement covers

• Merck supplies Keytruda (pembrolizumab), its anti-PD-1 antibody, at no cost.
• Perspective sponsors the work and runs it through an amendment to its ongoing Phase 1/2a study of [212Pb]PSV359 (NCT06710756).
• The combination will be tested in patients with certain types of non-small cell lung cancer and colorectal cancer whose tumors express fibroblast activation protein alpha (FAP-α).
• The study has completed enrollment in its first three monotherapy dose cohorts. Its dose-finding phase is designed to set the recommended Phase 2 dose.

Merck contributes the drug and Perspective, as sponsor, runs the combination arm inside a trial it already operates. [212Pb]PSV359 carries lead-212, an alpha-emitting isotope, on a molecule built to bind FAP-α, a protein associated with many common solid tumors.

PSV359 so far

1. April 2025 — first patient dosed in the Phase 1/2a study.
2. October 2025 — dosing began in the second cohort.
3. December 24, 2025 — data cutoff for the safety update Perspective took to ASCO 2026: treatment-emergent adverse events at grades 1 and 2 only, and no dose-limiting toxicities.
4. May 18, 2026 — first patient treated in the third cohort, at 6.0 mCi, after a safety monitoring committee reviewed the second cohort.
5. September 14, 2026 — Merck collaboration; enrollment complete in the first three monotherapy cohorts.

Where the stock trades against recent deals

Perspective raised about $175 million in February, selling 39,576,088 shares at $3.79 and pre-funded warrants for 6,598,046 shares at $3.789. That lifted cash, cash equivalents and short-term investments to $236.9 million at June 30 from about $145 million at the end of 2025, which the company said funds its planned milestones into late 2027. At 12:26 ET the stock was 24.14% below the February price.

Lantheus, which took an equity stake in Perspective in January 2024 alongside co-development options and reports as a 10% owner, sold stock in the two weeks before the Merck deal: $245,609 worth on August 31 and $131,219 on September 2. Lantheus Alpha Therapy still directly owned 11,521,296 shares after the September 2 sale.

How the stock traded, measured minute by minute

The release came out before 06:30 ET, when few shares trade. In the 06:16 minute the price touched $3.49, 24.20% above the last print of $2.81, and closed that minute at $2.90 on 15,849 shares. Across the eleven minutes shown, 57,223 shares traded.

The measured reaction stood at $2.90 after one minute and $2.99 after ten. By 12:26 ET the stock was at $2.88 against a Friday close of $2.81.