It’s almost halfway through May, and that means one thing for biotechnology investors. The king of biotech and pharmaceutical events is about to take place. The 2020 annual meeting of the American Society of Clinical Oncology (ASCO) is set to run from May 29 to May 31. This conference has the potential to make or break companies, with winners walking away from this event with a nice gain and losers trying to pick up the pieces.
This year obviously will be a little different. The key difference is that this will be a virtual science meeting, with no in-person events. Although the whole point of the conference is to bring people together to share ideas and information, the format is moving online.
The abstracts for ASCO were released recently, and stocks are already moving in anticipation. Many more companies have yet to release their presentation information for ASCO.
Wedbush took a closer look at some of the companies in its coverage universe that are set to present at ASCO and what the impact may be going forward.
Aravive Inc. (NASDAQ: ARAV) has two preclinical investigator studies that will be presented as posters. Their first abstract describes how AVB500 inhibiting the GAS6/AXL pathway induces a homologous recombination deficiency and improves sensitivity to neoadjuvant chemotherapy. The second details AVB500 use in a uterine serous cancer model in combo with Olaparib. Wedbush has an Outperform rating and a $28 price target on the shares.
Arvinas Inc. (NASDAQ: ARVN) highlighted initial activity data in its abstract from the ongoing Phase 1 dose-escalation study of ARV-110, an androgen receptor-degrading PROTAC, in patients with metastatic castration-resistant prostate cancer (mCRPC). Wedbush has an Outperform rating and a $62 price target.
Arcus Biosciences Inc. (NYSE: RCUS) did not release abstracts for this year’s ASCO meeting, though Wedbush points to an abstract from Roche and Genentech highlighting clinical data from their Phase 2 study of anti-TIGIT antibody tiragolumab plus atezolizumab in 1L non-small cell lung cancer (NSCLC) patients. Wedbush notes this data is of interest to Arcus investors because the company is developing its own anti-TIGIT antibody AB154 in combination with anti-PD1 zimberelimab and A2aR/A2bR antagonist AB928 in 1L NSCLC patients, randomized data for which is expected at the year’s end. Wedbush has an Outperform rating.
Bluebird Bio Inc. (NASDAQ: BLUE) has an oral presentation on its Phase 2 KarMMa update of ide-cel for relapsed and refractory multiple myeloma. Wedbush has an Outperform rating with an $89 price target.
Blueprint Medicines Corp. (NASDAQ: BPMC) has three presentations for RET inhibitor pralsetinib on registrational NSCLC data, updated non-NSCLC data + TiP for its Phase 3 1L NSCLC study. Wedbush has an Outperform rating with a $100 price target.
Corvus Pharmaceuticals Inc. (NASDAQ: CRVS) has an abstract that highlighted the value of Adenosine Gene Signature as a predictive biomarker in the Phase 1b/2 study of ciforadenant in patients with advanced renal cell carcinoma. Wedbush has an Outperform rating.
CytomX Therapeutics Inc. (NASDAQ: CTMX) presented several abstracts, the most important of which highlighted updated response data for CX-2029, CX-2009 and CX-072, as well as biomarker and pharmacokinetics analyses. Wedbush has an Outperform rating with a $16 price target.
Epizyme Inc. (NASDAQ: EPZM) has pooled analysis from its registrational dataset that supported tazemetostat approval in epithelioid sarcoma. Wedbush has an Outperform rating with a $30 price target.
Fate Therapeutics Inc. (NASDAQ: FATE) has Phase 2 results from its APOLLO study of FATE-NK100 in ovarian cancer. Wedbush has an Outperform rating with a $41 price target.
G1 Therapeutics Inc. (NASDAQ: GTHX) has pooled analysis from three Phase 2 studies of trilaciclib in small cell lung cancer + competitor KEYNOTE-355 pembrolizumab data in triple-negative breast cancer. Wedbush has an Outperform rating with a $55 price target.
Harpoon Therapeutics Inc. (NASDAQ: HARP) has initial clinical data highlighting activity of HPN424 (PSMA TriTAC) in mCRPC. Wedbush has an Outperform rating with a $26 price target.
24/7 Wall St.100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
