15 Companies Bracing for Big ASCO Reactions

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This year marks the 53rd Annual Meeting for the American Society of Clinical Oncology (ASCO), where biotech and pharmaceutical companies will descend on Chicago for a five-day all-out conference (June 2 to 6) on the development of cancer treatments. This is known as the world’s largest clinical cancer conference and it always delivers new results on clinical trials and updated treatments in the field. Not to mention, this conference has the potential to make or break companies in the space, depending on their results.

The theme for this year’s conference is making a difference in cancer care with you, which puts emphasis on a more personalized method of treating cancer. This year is expected to see over 30,000 attendees counting among them the world’s best oncologists, researchers and scientists.

Many of the abstracts for ASCO have already been released and stocks have moved in anticipation. However, there are still more abstracts that will be released the day of the presentation.

24/7 Wall St. takes a look at the ASCO annual meeting each year and picks out the companies that could have the biggest boom or bust at the conference.

Merck & Co. Inc. (NYSE: MRK) is reporting more data on executing on I-O/chemo, and an update on the progress with Keytruda+IDO. Data from Keytruda in combination with epacodastat from Incyte Corp. (NASDAQ: INCY) could be compelling from the Incyte perspective. Keytruda is used in immunotherapy across multiple cancer designations. This particular partnership is being investigated in patients across five tumor types: metastatic melanoma, non-small cell lung cancer (NSCLC), bladder cancer, renal cell carcinoma and squamous cell carcinoma of the head and neck.

Shares of Merck were trading at $65.21 on Friday, in a 52-week range of $55.10 to $66.80 and with a consensus analyst price target of $69.30. Over the course of the past month, the stock has risen 4%.

Incyte shares were last seen at $130.06. The stock has a consensus price target of $146.60 and a 52-week range of $71.75 to $153.15. Over the past month, the stock is up 5%.

AbbVie Inc. (NYSE: ABBV) focused on ABT-414 in its abstract, and according to analysts early data looks promising, but they are curious for the update that concerns side effects. ABT-414 is designed to be stable in the bloodstream and only release the potent cytotoxic agent once inside targeted cancer cells. In this case it is targeting glioblastoma or malignant tumors affecting the brain or spine.

AbbVie shares were trading at $66.93. The 52-week range is $55.06 to $68.12, and the consensus price target is $72.28. Over the past month, the stock has stayed relatively flat.

Eli Lilly and Co. (NYSE: LLY) will be presenting further details on abemaciclib with the MONARCH-2 data in abstract 1000. This study looked at abemaciclib in combination with fulvestrant in patients with HR+/HER2- advanced breast cancer who had progressed on prior endocrine therapy.

Shares were trading at $80.43, with a consensus price target of $89.10 and a 52-week range of $64.18 to $86.72. Over the past month, the stock has dropped a little more than 1%.

Bristol-Myers Squibb Co. (NYSE: BMY) is looking to provide an update on the Opdibo+Yervoy combination. The abstract given by the company focuses on longer-term follow up from the high-profile combination of Opdivo plus Yervoy from the CheckMate-012 study in 1L NSCLC. The efficacy data in the abstract, however, is essentially the same as last year, with updated data to come at the presentation.

Shares were trading at $54.75, with a 52-week range of $46.01 to $77.12 and a consensus price target of $57.18. Over the past month, the stock has dropped 2%.

Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) and Sanofi (NYSE: SNY) are expected to give out an extended cut of data from REGN2810, which focuses on the treatment of advanced cutaneous squamous cell carcinoma, or in simpler terms skin cancer. The company plans to begin its Phase 3 in NSCLC in the second half, as well as into a registrational study in this rare skin cancer.

Shares of Regeneron were trading at $482.55, in a 52-week range of $325.35 to $483.28. The consensus price target is $441.05. Over the past month, the stock has risen 20%.

Sanofi shares recently traded at $50.11, with a 52-week range of $36.81 to $50.24 and a consensus analyst target of $51.75. Over past month, the stock has risen 4%.