The 4 Overlooked Winners of ASCO
The American Society of Clinical Oncology’s (ASCO) annual meeting is coming to a close. Companies and cancer drug developers across the health care sector flock to this conference to share results from their most recent drug trials. These results sometimes have the potential to make or break companies.
We have already covered some of the major winners from this meeting, but now we are going to take a look at some winners who might have been not as pronounced or that were overlooked. Color and background information has also been added on each, as well as how shares have been moving and the consensus price targets.
Bristol-Meyers Squibb Co. (NYSE: BMY) announced the acceptance of the supplemental Biologics License Application for Opdivo and Yervoy regimen, by the U.S. Food and Drug Administration (FDA), for the patients with previously untreated advanced melanoma. Although the gain by shares was marginal compared to the big winners, this industry giant already has a strong portfolio that it continues to bolster. Shares of Bristol-Meyers closed Monday up 2.9% at $66.48. The stock has a consensus analyst price target of $70.94 and a 52-week trading range of $46.30 to $69.86.
AVEO Pharmaceuticals Inc. (NASDAQ: AVEO) was highlighted earlier in May when it made a 50% run. The big driver here is that AVEO’s prior report of interim median progression free survival (PFS) results of 8.4 months among the 163 patients enrolled in Study 902 was too low. AVEO’s final results have now indicated that there is a median PFS in this setting of 11.0 months. Even better, the median overall survival was 21.6 months. Shares of AVEO closed Monday up 12.3% to $2.28, in a 52-week trading range of $0.61 to $3.50. In premarket trading, shares were up an additional 12.3% at $2.56. The stock has a consensus price target of $2.00.
AbbVie Inc. (NYSE: ABBV) announced findings from a Phase 2 study of the investigational medicine veliparib combined with the chemotherapy regimen carboplatin and paclitaxel that showed an improvement in median progression-free survival in patients with previously untreated metastatic or advanced non-small cell lung cancer who are current smokers. Over the course of the past month, AbbVie shares have risen 5.6% from its low of $63.40 in May to Monday’s close at $66.93, up 0.5% on the day. The consensus price target is $73.23, and the 52-week trading range is $51.37 to $70.76.
Ignyta Inc. (NASDAQ: RXDX) announced that interim results from the company’s two Phase 1 clinical trials of entrectinib, which showed that it has been well tolerated to date with preliminary but promising signs of antitumor activity. Overall it was well tolerated, with no drug-related serious adverse events, and entrectinib had a 91% response rate in patients meeting expected Phase 2 eligibility criteria. Shares of Ignyta closed Monday up 65.9% at $14.90. The 52-week trading range is $6.25 to $15.64. The stock has a consensus price target of $18.50.