Note: Share prices have been updated.
The Annual Meeting for the American Society of Clinical Oncology (ASCO) is currently underway in Chicago, and the health care sector is on the move. There are even some companies not tied to this meeting that have made runs in Monday’s trading session.
24/7 Wall Street has picked out a few companies making the biggest moves following the annual meeting. We have included briefly why the stock is moving, as well as a recent trading history, consensus analyst price target and a 52-week trading range.
In the past, some have called this ASCO annual meeting the “Super Bowl for biotechs” because of the significance it holds for so many companies. This meeting is a major catalyst for multiple companies each year, either sending them higher, or much lower.
Loxo Oncology Inc. (NASDAQ: LOXO) shares made a massive jump early on Monday following an ASCO update on Saturday. The company announced interim clinical data from all three ongoing larotrectinib (LOXO-101) clinical trials in patients whose tumors harbor tropomyosin receptor kinase fusions. These data, demonstrating a 76% confirmed objective response rate (ORR) across tumor types. The patients in these trials will serve as the basis for the larotrectinib New Drug Application (NDA), which the company expects to submit in late 2017 or early 2018.
Shares of Loxo were last seen trading up about 46% at $71.34, with a consensus analyst price target of $51.83 and a 52-week range of $17.14 to $77.60.
Over the weekend, Puma Biotechnology Inc. (NASDAQ: PBYI) reported positive results from an ongoing Phase 2 clinical trial (Translational Breast Cancer Research Consortium TBCRC 022) of its investigational drug PB272 (neratinib) for the treatment of HER2-positive metastatic breast cancer that has metastasized to the brain.
The efficacy results from the trial showed that 49% of patients experienced a CNS Objective Response by the composite criteria. The median time to central nervous system progression was 5.5 months, and the median overall survival was 13.5 months, though 49% of patients remain alive and survival data are immature.
Shares of Puma Biotech were trading up 7.6% at $88.15, with a consensus price target of $89.43 and a 52-week range of $27.64 to $92.00.
Bluebird Bio Inc. (NASDAQ: BLUE) will announce updated results from its ongoing CRB-401 Phase 1 clinical study of bb2121, an investigational anti-BCMA CAR T cell therapy, in 18 patients with relapsed/refractory multiple myeloma (r/r MM) later on Monday, although shares were already moving in anticipation with data that has been released. The objective of this Phase 1 dose-escalation study is to evaluate safety and efficacy of bb2121 and determine a recommended Phase 2 dose. Bluebird bio and Celgene Corp. (NASDAQ: CELG) are jointly developing bb2121.
So far (as of the data cutoff May 4) no patients have relapsed in the study and the response rate is 100% at the three active doses.
Shares of Bluebird were up 5.6% at $88.90, with a consensus price target of $95.21 and a 52-week range of $36.62 to $100.40.
Celgene shares were down 0.8% $117.78, with a 52-week range of $94.42 to $127.64 and a consensus price target of $141.88.
TG Therapeutics Inc. (NASDAQ: TGTX) announced positive results from its Phase 3 Genuine trial of TG-1101 (ublituximab) plus ibrutinib in patients with previously treated high risk chronic lymphocytic leukemia.
The Genuine study was designed to demonstrate the value of adding TG-1101, a potent next generation glycoengineered anti-CD20 monoclonal antibody to ibrutinib monotherapy in high-risk CLL, and it was powered to show a statistically significant improvement in ORR of 30%, with a minimal absolute detectable difference between the two arms of approximately 20%.
Shares of TG Therapeutics traded down 5.2% at $13.12, with a consensus price target of $24.14 and a 52-week range of $4.10 to $15.05.
Incyte Corp. (NASDAQ: INCY) and Bristol-Myers Squibb Co. (NYSE: BMY) reported updated data from the ongoing Phase 1/2 ECHO-204 trial evaluating the safety and efficacy of epacadostat, Incyte’s investigational oral selective IDO1 enzyme inhibitor, in combination with Opdivo (nivolumab), Bristol-Myers’ PD-1 immune checkpoint inhibitor, in multiple advanced solid tumors.
Efficacy data in patients with squamous cell carcinoma of the head and neck, treatment-naïve advanced melanoma, ovarian cancer and colorectal cancer will be presented later on in the day.
The combined ORR was 63%, including two complete responses and 23 partial responses and the combined disease control rate was 88%.
Shares of Incyte were down 5% at $124.85, with a consensus price target of $146.60 and a 52-week range of $71.75 to $153.15.
Bristol-Myers were down 4% at $52.69 a share, with a consensus price target of $57.18 and a 52-week range of $46.01 to $77.12.
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