This year marks the 56th annual meeting of the American Society of Clinical Oncology (ASCO). However, this year is different, with the meeting being conducted entirely virtually. In the past, this was known as the world’s largest clinical cancer conference, and it always delivers new results on clinical trials and updated treatments in the field.
Brokerage firm Canaccord Genuity issued some key takeaways on a few different companies at ASCO. 24/7 Wall St. has also included some recent data on the stock.
Agios Pharmaceuticals Inc. (NASDAQ: AGIO) presented updated vorasidenib data in non-enhancing glioma patients positively, with an overall response rate of 18.2% and a 55.4% 24-month progression-free survival rate. Overall, Canaccord Genuity was also impressed with Tibsovo + Venetoclax combination data with 80% complete response noted among patients. The firm believes the combination will see increased usage in earlier lines for eligible isocitrate dehydrogenase mutations acute myeloid leukemia patients. The stock closed Monday at $52.10, in a 52-week range of $27.77 to $54.68. The consensus price target is $62.45.
Allogene Therapeutics Inc. (NASDAQ: ALLO) demonstrated that ALLO-501 had a higher dose response than ALLO-647 lymphodepletion, successful retreatment in one patient, and two patients converting partial responses to complete responses, all meaningful positives. Canaccord Genuity now is awaiting additional follow-up data to determine durability of responses, in order to better evaluate efficacy versus prior autologous data. The stock closed Monday at $48.94, in a 52-week range of $17.43 to $55.00. The consensus price target is $35.57.
Bluebird Bio Inc. (NASDAQ: BLUE) presented bb2121 data from the pivotal KarMMa study in relapsed/refractory multiple myeloma showed consistent complete response rate versus December 2019, and comparable progression-free survival versus the Phase 1 CRB-401 study. In Canaccord Genuity’s view, bb2121 continues to lead the pack in terms of B-cell maturation antigen targeted therapies. Bluebird Bio stock recently closed at $64.38, in a 52-week range of $38.95 to $143.98. The consensus price target is $114.29.
Hutchinson China MediTech Ltd. (NASDAQ: HCM) issued positive updates for savolitinib in MET exon 14 skipping non-small cell lung cancer, primary sclerosing cholangitis and papillary renal cell carcinoma. Also, Canaccord Genuity believes positive surufatinib data in US NET patients supports HCM’s developmental path in the United States, which could follow BeiGene’s regulatory precedent. The stock last closed at $21.99 and has a 52-week range of $14.74 to $30.30. The consensus price target is $34.52.
ImmunoGen Inc. (NASDAQ: IMGN) presented data on mirvetuximab. Ultimately, mirvetuximab continued to show strong efficacy and safety in combination with Avastin, with a 64% response rate among Folate Receptor alpha high patients in platinum agnostic ovarian cancer. Safety is also favorable, with only 2% to 5% grade 3/4 ocular toxicity, and about 12% grade 3/4 hypertension. ImmunoGen stock closed at $4.92. It has a 52-week range of $1.80 to $7.07 and a consensus price target is $7.04.
Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) posted positive data from its cancer trial at ASCO. Overall, Canaccord Genuity views Libtayo’s updated three-year advanced cutaneous squamous cell carcinoma data at ASCO positively, and it believes it confirms the continued usage of Libtayo as the standard of care therapy in this carcinoma. Regeneron stock closed Monday at $599.47, in a 52-week range of $271.37 to $615.36. The consensus price target is $531.50.