ASLAN (ASLN) Down 25% on Mixed Results From Skin Disease Study
ASLAN Pharmaceuticals ASLN reported top-line data from its phase IIb dose-ranging TREK-AD study of eblasakimab in adult patients with moderate-to-severe atopic dermatitis (AD). Eblasakimab, a novel monoclonal antibody, is an inhibitor of the IL-13 receptor sub-unit of the Type 2 receptor, which is responsible for several allergic and inflammatory diseases.
It was observed that the eblasakimab 600 mg administered every 4 weeks (Q4W) and the eblasakimab 400 mg and 300 mg, both administered every 2 weeks (Q2W), arms achieved the primary endpoint of percent change from baseline in the disease activity metric at week 16 against placebo treatment, with statistical significance. However, the fourth arm in the study, which received the eblasakimab 400 mg Q4W dose, did not meet the primary or secondary endpoints with statistical significance.
ASLAN’s stock plunged 25% on Thursday and 4% during the after-market hours on account of mixed results from the mid-stage study. Year to date, ASLAN’s shares have gained 60% against the industry’s 9.8% decline.
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The phase IIb TREK-AD study is designed to evaluate the efficacy and safety of eblasakimab as monotherapy in biologic-naïve adult patients with moderate-to-severe AD who are candidates for systemic therapy. The total patient population in the study was equally divided into five dosing arms. Patients in four of the five arms received either of the four doses of eblasakimab (300 mg Q2W, 400 mg Q2W, 400 mg Q4W and 600 mg Q4W) for 16 weeks. The fifth arm of the study was treated with placebo Q2W for the same duration.
The candidate was overall reported to be well-tolerated, with no occurrence of unexpected adverse events across all active treatment arms.
More data readout from the phase IIb TREK-AD study, including patient-reported outcomes and biomarker data, is expected in the fourth quarter of 2023, which will be presented at a future medical conference.
ASLAN is currently gearing up to hold an end-of-phase II meeting with the FDA to discuss the results. It anticipates initiating a phase III development program for eblasakimab in 2024.
Notably, ASLAN is also currently conducting a TREK-DX study of eblasakimab in AD patients who have previously been treated with Dupixent (dupilumab), expecting to announce top-line results from this study in the first quarter of 2024.
ASLAN Pharmaceuticals Ltd. Price and Consensus
ASLAN Pharmaceuticals Ltd. price-consensus-chart | ASLAN Pharmaceuticals Ltd. Quote
Zacks Rank and Other Stocks to Consider
ASLAN currently carries a Zacks Rank #3 (Hold).
Some top-ranked stocks in the biotech sector are 89BIO ETNB, Anixa Biosciences ANIX and Akero Therapeutics AKRO, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 90 days, the Zacks Consensus Estimate for 89BIO’s 2023 loss per share has narrowed from $2.37 to $1.92. During the same period, the estimate for 89BIO’s 2024 loss per share widened from $2.33 to $2.49. Year-to-date, shares of ETNB have gained 45.5%.
ETNB beat estimates in three of the trailing four quarters, missing the mark on one occasion, delivering an average earnings surprise of 11.27%.
In the past 90 days, the Zacks Consensus Estimate for Anixa Biosciences’ 2023 loss per share has narrowed from 43 cents to 33 cents. The estimate for Anixa Biosciences’ 2024 loss per share is currently pegged at 38 cents. Year-to-date, shares of ANIX have gained 45.5%.
ANIX beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 31.21%.
In the past 90 days, the Zacks Consensus Estimate for Akero Therapeutics’ 2023 loss per share has narrowed from $2.92 to $2.80. During the same period, the estimate for AKRO’s 2024 loss per share narrowed from $3.31 to $3.27. Year-to-date, shares of AKRO have lost 17.8%.
AKRO beat estimates in three of the trailing four quarters, missing the mark on one occasion, delivering an average earnings surprise of 7.96%.
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