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Successful drug approvals by the FDA and innovations in the treatment of cancer could provide relevant stocks a boost.
Bristol-Myers Squibb Company
Seattle Genetics, Inc.
Exact Sciences Corporation
Blueprint Medicines Corporation
Inovio Pharmaceuticals, Inc.
Progenics Pharmaceuticals, Inc.
Spectrum Pharmaceuticals, Inc.
(Bloomberg) -- The year’s biggest meeting of cancer researchers was subjected to a coronavirus overhaul this year, but even in scaled-back form it forced investors to recalibrate their expectations for some closely watched medicines.The American Society of Clinical Oncology meeting is the field’s most important gathering each spring, providing a stage for major pharmaceutical companies to unveil major findings and tout promising treatments. It’s also an annual opportunity for all kinds of researchers, doctors, executives and investors to rub elbows.With Covid-19 making travel uncomfortable and splashy conferences impossible this year, the summit was mostly a virtual affair. Still, it delivered many of the kinds of important victories and stinging setbacks it often does. And the meeting showed that even as the drug industry races to identify virus treatments and vaccines, cancer remains perhaps its most important business overall.“When the coronavirus wanes and we have a vaccine, and this infectious disease is brought under control, we will still have cancer and the need for new treatments,” said Richard Schilsky, ASCO’s chief medical officer, in an interview. “We have millions of patients around the world who need new and improved treatments for cancer.”Among the most noteworthy winners was U.K. pharmaceutical giant AstraZeneca Plc, which reported that its blockbuster Tagrisso reduced the risk of dying from lung cancer or relapse by four-fifths over three years. The drug is already AstraZeneca’s biggest product, bringing in $982 million in sales in the first quarter alone.Some smaller drug companies also logged what looked like significant victories: Trillium Therapeutics Inc. said that a second patient taking its experimental lymphoma therapy responded to the treatment. Shares of Trillium, which has a market value of about $560 million, surged more than 17% on FridayAnd as ASCO played out, other big cancer-research news also roiled drugmaker stocks.Pfizer Inc. shares fell 5.1% in trading before U.S. exchanges opened Monday after the U.S. drug bellwether said a late-stage study of its treatment for metastatic breast cancer, Ibrance, was unlikely to show a statistically significant improvement in invasive disease-free survival for patients with early breast cancer.Though the Covid-19 pandemic has been the defining story of the health-care business this year, the ASCO meeting was a reminder that most of the world’s pharmaceutical companies remain keenly focused on finding new cancer treatments to generate profits. And that focus has paid off for patients: The U.S. death rate from cancer has been falling at a record pace, thanks largely to big advances in treating lung tumors.Data presented at the meeting showed progress in combating the second leading cause of death worldwide, Schilsky said. Researchers found medicines used for patients with advanced disease can have an even bigger benefit for those with recently diagnosed tumors, while medicines are emerging that are effective against a wide range of tumors that are driven by specific gene mutations.Deals Getting DoneLarge drugmakers have remained on the prowl for promising cancer therapies that they can acquire through mergers or other transactions. Even Gilead Sciences Inc., which has been in the headlines because of its potential coronavirus treatment remdesivir, has been getting cancer-focused deals done against the backdrop of the pandemic.Last week, Gilead agreed to work on immunotherapy drugs with biotech Arcus Biosciences Inc. And earlier this year it agreed to buy cancer-drug maker Forty Seven for $4.9 billion. Gilead has been pressured by investors to find new drugs that can take the place of some of its aging blockbusters. It made another big bet on cancer when it bought Kite Pharma and its drug Yescarta, though sales of the highly priced genetic therapy have so far failed to live up to expectations.At ASCO, Gilead presented encouraging new data on magrolimab, an immunology drug that was developed by Forty Seven, a sign that the company’s wager could pay off. Gilead’s management is successfully building a pipeline of potential new therapies, Jefferies & Co. analyst Michael Yee said in a note sent to clients.Gilead shares dropped 1.5% early Monday. They now have gained about 20% so far this year, in part because of excitement over remdesivir.Breakthroughs at ASCO could make smaller companies enticing to Gilead and to other giants looking to add to their rosters of experimental therapies. Adaptimmune Therapeutics Plc’s U.S.-traded shares more than doubled in value after the company presented early studies for therapies that could treat a number of cancers, including lung and head and neck tumors.Allogene Therapeutics Inc., which is developing a CAR-T therapy similar to Yescarta, gained 3.5% Friday after it said its treatment benefited 63% of patients with blood cancer in an early-stage trial. Allogene’s founders ran Kite Pharma before selling it to Gilead for $11 billion in 2017.Dueling GiantsLike Gilead, Bristol-Myers Squibb Co. has also sought to refashion itself into a cancer-fighting juggernaut, mostly notably with its $74 billion takeover of Celgene Corp. last year. Even before that transaction, the company was locked in a battle with rival Merck & Co. for supremacy in the market for lung-cancer immunotherapies.Merck’s Keytruda and Bristol-Myers’s Opdivo are blockbusters for each company, and the drugmakers have raced to expand their use in a range of tumor types. But at ASCO, a study of Opdivo in combination with another Bristol-Myers drug, Yervoy, supported what JPMorgan Chase & Co. analyst Chris Schott said in a note was a “niche role” in treating certain lung-cancer patients -- not one that will upset Keytruda’s dominance.Bristol-Myers shares declined 0.2% on Friday, while Merck advanced 2.1%. Both were little changed before U.S. markets opened Monday.Last year, Opdivo generated $7.2 billion in revenue for Bristol-Myers, while Yervoy brought in $1.5 billion. Together, the two drugs accounted for roughly a third of the company’s sales. Meanwhile, Keytruda generated $11 billion for Merck, about 24% of its sales.Another challenge to Keytruda may come from Switzerland’s cancer titan Roche Holding AG. The drugmaker presented data at ASCO showing that combining the experimental tiragolumab with one of its proven medicines, Tecentriq, worked better than prescribing Tecentriq alone in patients with metastatic non-small-cell lung cancer. The phase 2 data suggests it “could potentially compete with Merck’s Keytruda in a segment of lung-cancer patients,” wrote Cinney Zhang of Bloomberg Intelligence.Some Chinese drugmakers also showed promising findings in liver cancer. A combination from Innovent Biologics Inc. showed initial efficacy comparable to Roche in hepatocellular carcinoma, for which China accounts for almost than half of new cases. Innovent shares surged 10% in Hong Kong trading Monday.(Updates with share moves for Pfizer, Gilead and Innovent in eighth, 14th and last paragraphs)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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Bristol Myers Squibb Announces Commercial Launch and Availability of ZEPOSIA®, a New Oral Treatment for Relapsing Forms of Multiple Sclerosis
The company produced expectation-beating results. The acquisition of Celgene has gone very well, but shares trade with a multiple of less than 10 times earnings Continue reading...
The coronavirus vaccine race offers these clinical stage companies an opportunity to bring a first product to market -- if all goes well in human trials.
Seattle Genetics (SGEN) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
Bristol-Myers Squibb (BMY) closed at $59.72 in the latest trading session, marking a -0.15% move from the prior day.
Ladies and gentlemen, thank you for standing by, and welcome to the Q1 2020 Geron Earnings Conference Call. Also joining me today are Aleksandra Rizo, our Chief Medical Officer; and Anil Kapur, our Head of Corporate Strategy and Chief Commercial Officer.
MacroGenics (NASDAQ: MGNX) shares are falling 17.3% as of 12:15 p.m. EST on Friday. The drop coincides with the release of the company's presentations at the annual American Society of Clinical Oncology meeting, and it follows a surge in its share price earlier this month. The ASCO conference is highly anticipated, and historically, investors have bought shares in stocks presenting at the conference ahead of time, hoping for a short-term pop.
Speculation surrounding the novel coronavirus has taken over the stock market. Hope for a cure or, better yet, a vaccine, is driving traders into frenzies. Much of the action is centered around Moderna (NASDAQ:MRNA) and MRNA stock.Source: Shutterstock While the company had just $8.3 million in revenue for the March quarter, it entered trade May 29 with a market cap of $20.6 billion.MRNA stock has been on fire for months. In February, the shares cost $18. It was the release of Phase 1 data earlier this month that sent traders into a frenzy. That showed, as expected, that antibodies against the virus were produced in test subjects. The company also said it was rapidly scaling up production.InvestorPlace - Stock Market News, Stock Advice & Trading TipsTraders who had been buying Moderna rumors sold the news. The shares have since fallen from the mid-80's to the mid-50's. Why Moderna?Nothing has gone wrong, from a scientific standpoint. It's just that there are no guarantees Moderna has the winning lottery ticket.There are now 28 different vaccines being researched around the world, with eight in some type of clinical trial. There are vaccines being tested in England, in China and in Australia. Two other publicly traded U.S. companies, Pfizer (NYSE:PFE) and Inovio Pharmaceuticals (NASDAQ:INO), have Covid-19 vaccine candidates in trial. Novavax (NASDAQ:NVAX), Johnson & Johnson (NYSE:JNJ), and Altimmune (NASDAQ:ALT) are all doing pre-clinical work. So are Merck (NYSE:MRK), GlaxoSmithKline (NYSE:GSK) and Sanofi (NASDAQ:SNY). * 7 Red-Hot Vaccine Stocks Racing to Develop a Coronavirus Cure Moderna just got there first, with the most publicity. It announced funding on Jan. 23. It's working with the National Institute of Allergy and Infectious Diseases (NIAID), headed by the now-famous Dr. Anthony Fauci. It won an invitation to the White House to talk about its candidate, mRNA-1273. Why Not Moderna?The problem is that vaccines are hard. It's not enough to create antibodies against the disease. A vaccine must stop the spread safely across millions or (in this case) billions of doses.Safety is one issue. Four of the 45 people tested in the Phase 1 study developed reactions to the Moderna vaccine. One 29-year old tweeted that he got a 103 degree fever. He said his dose was 10 times what other patients got, and he didn't go to a hospital in fear of triggering "anti-vax" people.Efficacy is a second issue. Only eight of the subjects produced binding antibodies. Only four were sampled for neutralizing antibodies. The level of T-Cell generation, a measure of how the body is attacking the virus, wasn't mentioned.Moderna's own actions are also an issue. The company announced a $1 billion secondary offering right after its Phase 1 results came out. Some executives sold shares within days. Moderna is moving directly into a Phase 3 study, and mass production, while its Phase 1 is still being evaluated.All these actions have raised suspicions among people who know both science and market valuations. The Bottom Line on MRNA StockThis is my fourth piece on Moderna in six months.I was very positive about MRNA stock when it came public in December. Its methodology, using Messenger RNA, impressed me. In April, I called Moderna "the greatest coronavirus speculation." The problem is success against Covid-19 is now built-into the stock price. Success is far from guaranteed. There are many other horses in this race. It's far from clear how profitable this vaccine will be.It's possible mRNA-1273 could be the start of a business that goes on for decades. It's possible that mRNA-1273 proves Moderna's methodology and it becomes one of the world's great companies. It's also possible that mRNA-1273 fails in Phase 3.There are too many known unknowns for me to recommend investing in MRNA stock at its present price. But you're welcome to speculate.Dana Blankenhorn has been a financial journalist since 1978. His latest book is Technology's Big Bang: Yesterday, Today and Tomorrow with Moore's Law, essays on technology available at the Amazon Kindle store. Follow him on Twitter at @danablankenhorn. As of this writing, he owned shares in JNJ. More From InvestorPlace * Top Stock Picker Reveals His Next 1,000% Winner * The Huge Story for 2020 & Beyond That You Aren't Hearing About * Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company * The 1 Stock All Retirees Must Own The post Why Moderna Stock Is Still Only Good for Speculators appeared first on InvestorPlace.
Blueprint Medicines Corporation (NASDAQ: BPMC), a precision therapy company focused on genomically defined cancers, rare diseases and cancer immunotherapy, today announced data from the ongoing ARROW clinical trial of pralsetinib in patients with RET fusion-positive non-small cell lung cancer (NSCLC), thyroid cancer and other solid tumors. Registrational data for pralsetinib in patients with RET fusion-positive NSCLC showed deep and durable clinical responses, with a median duration of response (DOR) not reached. Additional results showed the broad clinical activity of pralsetinib across other RET fusion-positive tumors, including thyroid cancer. Pralsetinib was well-tolerated and safety results were consistent with prior data, with no new safety signals observed. These results are being presented during the American Society of Clinical Oncology 2020 (ASCO20) Virtual Scientific Program.
Exact Sciences Corp. (NASDAQ: EXAS) today announced it is presenting new data at the 2020 American Society of Clinical Oncology (ASCO20) Virtual Scientific Program. These data further demonstrate the clinical value of the Oncotype DX Breast Recurrence Score® test and exemplify the research progress made by Exact Sciences' Mayo Clinic collaboration toward smarter solutions across the cancer continuum.
Seattle Genetics, Inc. today announced positive results from exploratory analyses of intracranial efficacy, including survival, in patients with HER2-positive metastatic breast cancer (MBC) who had stable or active brain metastases in the HER2CLIMB pivotal trial of TUKYSA™ (tucatinib). HER2CLIMB compared TUKYSA in combination with trastuzumab and capecitabine to trastuzumab and capecitabine alone in patients with unresectable, locally advanced or metastatic HER2-positive breast cancer with or without brain metastases. Of the patients enrolled in the trial, 48 percent had a presence or history of brain metastases. Results demonstrated that the addition of TUKYSA to trastuzumab and capecitabine in patients with brain metastases delayed progression in the brain, doubled the intracranial response rate (tumor shrinkage in the brain) and reduced the overall risk of death by nearly half. The data were consistent across patients who had either stable or active brain metastases. Results were presented in an oral presentation in the virtual scientific program of the 2020 American Society of Clinical Oncology (ASCO) Annual Meeting and simultaneously published in the Journal of Clinical Oncology.
Geron (GERN) delivered earnings and revenue surprises of 11.11% and -52.73%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
MENLO PARK, Calif., May 28, 2020 -- Geron Corporation (Nasdaq: GERN) today reported financial results for the first quarter ended March 31, 2020. The Company will host a.
Bristol-Myers (BMY) possesses solid growth attributes, which could help it handily outperform the market.
Accuray (ARAY) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
MacroGenics, Inc. (MGNX), a clinical-stage biopharmaceutical company focused on discovering and developing innovative monoclonal antibody-based therapeutics for the treatment of cancer, today announced that during the recent mid-cycle communication with the U.S. Food and Drug Administration (FDA), the FDA notified the Company that it is no longer planning to hold an Oncologic Drugs Advisory Committee (ODAC) meeting to discuss the Biologics License Application (BLA) for margetuximab. The FDA also stated it continues to anticipate meeting the Prescription Drug User Fee Act (PDUFA) goal date for the application review, which is December 18, 2020.
PHILADELPHIA and BALTIMORE, May 28, 2020 -- WindMIL Therapeutics, a clinical-stage company developing marrow-infiltrating lymphocyte (MILs™) products for cancer.
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Progenics Pharmaceuticals, Inc. ("Progenics" or the "Company") (NASDAQ: PGNX) in connection with the proposed acquisition of the company by Lantheus Holdings, Inc. ("LNTH") (NASDAQ: LNTH). Under the terms of the acquisition agreement, PGNX shareholders will receive 0.31 shares of LNTH for each PGNX share they own, representing implied per-share merger consideration of only $3.96 based on LNTH's May 26, 2020 closing price of $12.77.